The main difference is support throughput and there is a handy post here:
If I get stuck and need something historic I use the wayback machine on the internet archive.
HW1 2008
https://web.archive.org/web/20080616195154/http://www.peplink.com/products/balance-710/
HW2 2011
https://web.archive.org/web/20111109104503/http://www.peplink.com/balance/tech-spec
HW3 https://web.archive.org/web/20150926121849/http://normandysr2.peplink.com/products/balance/model-comparison/
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