The Latin in both is the same, and both conform to the 1962 calendar. The differences come between the English translations.
In the Collegeville version (which can be seen on
DivinumOfficium.com), the translations are not as “literal” as the ones in the Baronius Press for the hymns and the collects and are translated in a more lyrical style. However, the English translations of the Psalms are easier to understand due to the slight adjustments made in the Baronius translations.
I like the Psalms translations better in Baronius and the Collegeville translations better with the hymns.
To give you an example in the difference in the hymns, here’s translations from 1st Vespers of Passiontide:
Latin:
Vexilla Regis prodeunt;
Fulget Crucis mystérium,
Qua vita mortem pértulit,
Et morte vitam protulit.
Quæ vulnerata lanceæ
Mucrone diro, criminum
Ut nos lavaret sórdibus,
Manávit unda et sánguine.
Baronius Press:
The standards of the King
appear, the mystery of the Cross
shines out in glory, the Cross on
which Life suffered death and by
that death gave back life to us.
His side, wounded by the spear’s
cruel point, poured out water and
blood to wash away the stains of
our sins.
Collegeville (from Vespers, 3/24/2012):
Abroad the regal banners fly,
Now shines the cross’s mystery;
Upon it Life did death endure,
And yet by death did life procure.
Who, wounded with a direful spear,
Did, purposely to wash us clear
From stain of sin, pour out a flood
Of precious water mixed with blood
