The obvious difference is the manufacturer...Gerber vs. Lone Wolf...the locking mechanism is mostly the same. At the time Gerber made the Paul series, they were "pre-Fiskars" and doing good work. Lone Wolf revived the Paul lock and made a few small changes, the most significant of which is that some models have an adjustable stop pin, which allows you to remove blade play in the open position...of course anything adjustable will eventually need adjustment, so there's a downside too. Lone Wolf used some better blade steels, and made many more models than Gerber did, but both the Gerbers and the Lone Wolfs are good knives. Be aware that most of the Paul knives are what I would call "gentleman's folders", knives of a scale that would fit well in a pocket. If you are looking for a larger knife, look at the Lone Wolf Prankster, Defender, or Protector.