First off, note that I may not have listed every difference here (no, I don't have copies of all these programs at home!), so if you know of something I've missed, please let me know (by e-mail, if need be).

Version 5.0 As A Whole (differences from version 4)

• A significantly altered environment, including the ability to "dock" different windows around the environment (whether this is an improvement or not is still open to debate)
• Faster compiling and form loading
• ActiveX control support
• Code helpers: VB can show you a list of properties and methods for a control, show you a function's syntax as you enter it, and/or list possible values for a variable (True/False, enumerated values, etc.)
• "Mastering Visual Basic 5", a CD tutorial that covers more advanced VB topics (controlling databases, internet connections, etc.)
• No 16-bit version

Learning Edition ($100 list price)

• Includes everything listed above
• Cannot fully compile programs; .DLLs are required to run them

Professional Edition ($500 list price, $250 upgrade, $100 academic)

• More ActiveX support than Learning Edition
• More wizards for creating ActiveX controls, data forms, PropertyPages, etc.
• Support for many graphic formats, including .GIF and .JPG, while the Learning Edition only supports .BMP
• Support for .WAV file playing
• Internet controls
• Crystal Reports
• More controls, clipart, icons, cursors, etc. than Learning Edition

Enterprise Edition ($1,200 list price, $700 upgrade, $200 academic)

• The ability to write multi-tiered applications with distributed components
• Automation Manager
• Component Manager
• Advanced database management tools, including database to HTML routines
• An advanced SQL server
• TSQL debugging
• A transaction server
• Visual SourceSafe, a team-oriented, large-project management system which includes backing up each version, so if you break something in version 2.1 you can go back to 2.0 without any problem
• A lot more controls, clipart, icons, cursors, etc. than Professional Edition