04 will have 305hp/555tq motor, mechanical wastegate, no catalytic converter.
The 04 has different electronics controlling the engine and trans, one big difference is the 04 has two injection events vs. three that the 04. 5+ trucks have. The 03/04s have 8 hole injectors, the 04. 5+ trucks have 5 hole injectors with a slightly narrower spray angle.
04 also has a smaller turbo and a necked down cast elbow behind the turbo that leads to a smaller downpipe (3. 5"). The cast elbow and downpipe can be changed out easily, as can the turbo if you wish.
The 04. 5+ trucks seem to make power easier than the 03/04s, but with a few mods and the right fuel boxes/downloaders, they are all but equal.
If you can get a decent buy on the 04, go for it! I love my 03, I'm getting 18+ mpg with all my mods on the hiway, very seldom do I ever turn the power down.
Jess