Articulation
The new articulation is broken down with a stock image of the Hasbro version first so that you can see the change right after. You will see that the shots showing the Takara version have the Constructicons holding their own individual weapons, which are unique to each Constructicon. This inclusion is one of the main extra features of the Takara set.
Elbows on Longhaul
Hasbro

Takara


Elbows on Scrapper
Hasbro

Takara

The elbows do lock for combined mode so there is absolutely no stability issue either now or down the line due to their inclusion.
Extra inner arm piece for Hook
Hasbro

Takara
Hasbro's elbow is preserved, making it a double elbow.
Extra inner arm piece for Mixmaster
Hasbro

Takara
Hasbro's elbow is preserved, making it a double elbow.
They call him Master, Mixmaster
Different knee joint for Scavenger
Hasbro

Takara
You can see here how the ball joint is replaced by an extra piece connected on a mushroom peg. This makes the knee bend at the actual knee and not the lower thigh. It also provides a slight increase in articulation. This is also present on Bonecrusher.
Different knee joint for Bonecrusher
Hasbro

Takara
Notice how the pelvic area is tabbed in correctly. If you hear the click, it will be rock solid and not undo itself when playing with or posing the figure. This seems to be an issue Takara fixed (at least on my version). As shown with Scavenger, the knee joint is different. However, while the knee bends at the correct area, the final result looks about the same when the knee is bent at 90 degrees, which you can see below.
Takara
I am unaware if the different knee will help achieve any new poses that people have been wanting to do. For those interested, this is explored further in the conversation we had on the Seibertron forum.
Devastator
New Head


The head lets you switch from one look to the next.
Ratcheted armpits/shoulders
I don't know what to call this specific joint but this is the joint used when extending Devastator's arms outward. It is ratcheted now, by having the connector pieces of Scavenger and Bonecrusher ratcheted, and helps counter gravity when doing poses that extend Devastator's arms so that they do not fall.

Mixmaster's cab
Mixmaster's alt mode has been the most controversial element of Generations Devastator due to the orientation of the cement drum being reversed compared to the original (since it is supposed to resemble a bigger cement mixer). This means that the front of the Hasbro version has more paint apps than the cab found in the back. Takara doesn't seem to fully agree with this change as evident in the mount of paint applications they added to that back cab.
Hasbro

Takara
You will notice that Takara included a faction symbol on this cab. This is important since this would make it the only faction symbol not facing forward head on if Mixmaster was oriented the Hasbro way. Scrapper himself has his faction symbol facing forward by being in his shovel, unlike the Hasbro version, adding to the theme of the placement of the symbols. Also, the individual guns can be placed on the alt modes to give each vehicle an offensive edge. Mixmaster's is placed on that back cab which would have his gun facing away from the action if he were oriented like Hasbro intended.

The intended orientation becomes very evident in a group shot. Here is the SDCC version of Hasbro's Devastator:

Here is Takara's and you tell me what works best.
This:

Or this:

To conclude, here is a rundown of the major changes with Takara's Devastator (UW-04):
6 unique individual weapons
New parts for improved articulation on all Constructicons (knees, elbows or double elbows)
Purple hands for Devastator
New tooling for Devastator's head to switch from visor to visor-less look
Ratchets when extending Devastator's arms outward
Different choice and distribution of paint applications (especially on Bonecrusher's robot mode and Mixmaster's alt mode)
Painted rims