Interestingly, the Io HD Express and the Io HD are very different products in overall functionality.
The primary difference between the two is that the Express lacks the internal hardware acceleration for ProRes encoding that the HD has (it does it in software instead). For that reason, that Express should be viewed primarily as an I/O box. The HD also supports 8 input channels of unbalanced analog audio and 4 input channels of balanced analog audio, whereas the Express will only handle audio input digitally (up to 8 channels), over HDMI or SDI.
Also note that the Io HD is designed to encode to ProRes on ALL ingested HD material. It won't capture to a computer in HD 10-bit uncompressed (it's impossible to do that over a FW800 connection, anyway). But it can output uncompressed SDI to an external deck for mastering. The HD was originally intended for MacBook Pro users, where encoding to ProRes on the field is a daunting task for a dual-core mobile CPU.
Now, the Express is capable of capturing directly to a computer uncompressed (one of the key things it's designed for), but it requires an eSATA connection an external RAID box (normal single-disk drives will not suffice). Depending on which MacBook Pro you have, this may or may not even be possible for you, as the current 13/15" models lack EC/34 slots.
And then there's obviously the vast difference in price. The HD costs 3.5x as much as the Express. IMHO, AJA needs to bring out a newer Io HD that has the Express's eSATA capture functionality for uncompressed material, especially considering the current one's $3500 asking price.