In terms of features I don't think there's a difference.
iPhone OS 3.1.2 contains the following new or improved features over 3.0:
* Genius Recommendations for Apps
* Genius Mixes
* Download Ringtones Wirelessly
* Organize Apps in iTunes
* Improved syncing for music, movies, TV shows, podcasts, and photos1
* iTunes U content organization
* Redeem iTunes Gift Cards, codes, and certificates in the App Store
* Display available iTunes account credits in the App Store and iTunes Store
* Save video from Mail and MMS into Camera Roll
* Option to "Save as new clip" when trimming a video on iPhone 3GS
* Better iPhone 3G Wi-Fi performance when Bluetooth is turned on
* Remotely lock iPhone with a passcode via MobileMe
* Use Voice Control on iPhone 3GS with Bluetooth headsets
* Paste phone numbers into the keypad
* Option to use Home button to turn on accessibility features on iPhone 3GS
* Warn when visiting fraudulent websites in Safari (anti-phishing)
* Improved Exchange calendar syncing and invitation handling
* Fixes issue that cause some app icons to display incorrectly