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The Spx rear sight design probably offers more protection against hits. I find the simple XS sights are quick.
The BW model also has a pair of accessory rails one on each side of the fore-grip. I removed both of them after my first range outing cause my thumb kept getting jambed on recoil.
Not 100% sure but..... the speed feed stock is standard on the BW.
Lots of SG for the money IMO.
I've only handled the Blackwater eddition. I noticed the Fab-Defence pump handle on it. I wasn't a fan of that and I'll probablly swap that with my Maverick 88's. I liked the Speedfeed stock on the Blackwater too. I'm not too concerned about having a bayonet or not...either way I'll probably end up buying one seperately later for the s and giggles factor of bayonetting skeets on the ground... 'Cus I don't do that with my SKS or anything.....
not a fan of the Blackwater logo on it, but I'll probably Duracoat the 590 OD green anyways
Black Water edition has manufacturer installed XS sighting systems ghost ring sights with integrated picitinny rail. These sights are ajustable but the rear sight does not have wings on either side protecting it. If you drop your gun and it lands on the sights you could lose zero or brake the rear sights.
It also has a factory installed FAB defense trirail pump hand guard. These hand guards have been given the nickname cheese greaters because the rails will chew into your hand if your don't have rail covers.
The SPX has LPA ghost ring sights that are from Itally. These sights are also used by Benelli on their tactical shotguns. The rear sight is winged and is protected from getting banged around. The spx barrel is also ported to reduce muzzle rise. Note however that barrel porting will put you into open class in many shooting sports.