The Melody has like 9 extra stitches. It can sew sideways, It comes with the extension table. The tension is very precice. More flexability in the letter sizes. Other than that, the same, same motor etc. If you like the extension table it can be purchased sepratley.
I teach both machines and both are great. Usually between $100-150. price differance. The extension table if bought for the Elizabeth should run you around $100.00. Good luck and enjoy!