The obvious differences from the outside are: (these are just some of the main things)
12 XLRs (16.0.2) - 16XLRs (16.4.2)
4 Aux Outputs (16.0.2) - 6 Aux Outputs (16.4.2)
60mm Faders (16.0.2) - 100mm Faders (16.4.2)
3 Band EQ (16.0.2) - 4 Band EQ (16.4.2).
However, if you're like me, I was really torn between whether it was worth spending $800 more to purchase the larger 16.4.2. After much though, I purchased the 16.0.2, and owned it for a week. After knowing everything there was to know about the 16.4.2, I was excited that they made a smaller version.
Here are the BIGGEST things I found that were very different, that were not clearly described or pointed out to me.
1) Routing FX to Aux Sends (All or Nothing). Unlike the 16.4.2, where you can choose which effects go to what aux sends, in the 16.0.2 you can choose that the effects go entirely to all 4 AUXs, or none at all. this is not convenient at all. There are times when a singer wants reverb in his ears, or monitors, but someone else does not.
-Another thing to point out, the 16.4.2 makes it possible to have a separate amount of any effect into someones aux send. For example, if singer A wants to have a lot of reverb in their ears, you can choose how much is sent to just them. If singer B wants just a little bit of that same reverb, they can have their own amount. That is possible with both effects to all 6 Aux Sends (VERY SLICK).
2) Talkback to Main (NO GO). In the 16.4.2, one button and you can route the talkback to the mains. 16.0.2 does not have that option. To most people, this won't matter. However, I just wanted to point it out.
3) Compressor (Limited) - With the 16.0.2, you only have the Threshold, Ration, Response and Gain on the compressor. The 16.4.2 has Threshold, Ratio, Attack, Release, and Gain (much more control).
4) Meters - The very nice thing about the 16.4.2 is the ability to see your meters at all time in the top right hand display. Obviously this couldn't fit on the 16.0.2 which is why they took it away, but it's convenient to be able to quickly look at the levels of the SELECTED CHANNEL, each sub group, and the main without having to hit a button for input, output like the 16.0.2. This annoyed me more than I thought.
5) Sub Groups - Obviously, the little 16.0.2 does not have sub groups, so let me tell you why they are convenient. At first I thought to myself, I don't need sub groups, I have no use for them. Then I came up with a HUGE reason to have sub groups. Besides the obvious routing of drums, or a lot of channels to have over all control via a subgroup, here is something I didn't originally have in mind, that is awesome to use. EFFECTS. I route FX A to Subgroup 1, and FX B to Subgroup 2, and both those subgroups to the main. Now, instead of using the small knobs on the top of the board to adjust how much is being sent to the mains, I have a fader for each effect to adjust my front of house mix of those effects. Route a delay to one of those sub groups, and bring the delay in and out on that lead vocal with a fader. Very convenient.
6) EQ - Plain and simple, you have more control with a 4 band EQ than a 3 Band. Some may argue there isn't much a difference, but I think it's HUGE
7) Inserts - If you don't know what inserts on a mixer do, then this won't matter either way to you, but if you do, you know it's a huge bonus having an insert on every channel of the board. The 16.0.2 has no inserts, and no aux ins, making your entire effects control based on the board. I like inserts personally.
I could go on and on, but I really just hope I pointed out a few things that I thought were the biggest differenced that made my decision to sell the 16.0.2, and keep the 16.4.2 because of the extra control I truly wanted. The 16.0.2 is small, and amazingly portable and SWEET. For most people, it's probably plenty, and way more than you had with an analog board. My suggestion is when thinking between which mixer to buy, think carefully exactly what you're looking for in a board, and are the things i mentioned important to you.
Both mixers Rock, and PreSonus is doing an amazing job.