Different cones, voice coils. Generally, the greenbacks have a more desirable voice coil and / or cone. They come in many different configurations. You can have m25's, h30's, 75hz, 55hz in either green or black backs. There are also cream and gray backs mixed in between with any of the above configurations. It is tough to tell what is "better" since everyone had different ears. My favorite is the blackback H30 w/ 55hz. and I currently have 2 4x12's loaded with them. I also have pre-rola 25's, early 70's 25's and even a quad of blackback 25's. They ALL sound different and believe it or not, the pre-rola m25's are some of the most desirable and my least favorite.