Here's a quick comparison, I'd need to do different hours of the day as I noticed sunset lasted a lot longer in P3D than FSX, where FSX was still showing blue sky, I saw nice orange hues in P3D. Didn't get to do a direct comparison on that.
Here's one from a late sunset shot. You'll notice the fog table is much better in P3D, the mountains fade off into the distance nicely. (Note all settings were matched between the two shots, same flight was saved and loaded into both).
One thing I've noticed is there's a shift towards 3200 degrees kelvin on P3D which does make some of my snow areas on the aerial imagery turn a bit pinkish but I should be able to correct for that in my render process.
Also after having done some night tests at Las Vegas with 1/4 mile visibility the whole scene looked a whole lot more realistic.
Frame rates under P3D seem to be much improved too due to the shader changes. With the exact same scenery and setup I consistently get better performance in P3D than FSX SP2. Again it goes back to shader optimization.
The one thing that makes P3D stand out for me over FSX is that blue toilet water effect on photoscenery is gone, in P3D the water effects are there but are neutral density (i.e. transparent with no color shift) which makes the water mapping stand out a whole lot nicer.
If anyone is a serious simmer and wants to build a system that goes beyond the scope of the FSX home user gaming license, then Prepar3d is definitely worth the $499 buy in, especially for home cockpit simulator builders. Definitely worth the investment.
Attached is the comparison shot, it's not the best sample but you'll notice some subtle things that make P3D stand out. I'll share more distinctive images once I have more time on my hands...
Note: Left shot is FSX, Right shot is P3D, notice the deeper red hue, the mountains in the distance fade away, and the shadows are richer in the blacks.