The main differences are the xp bonus, global OOC, and pvp. The other differences mostly relate to things specific to pvp (for example, you cannot charm a player the way you can charm a mob). Oh, and the population difference. The population difference is really what drew me to red. There are many guides out there on leveling, money camps, items to camp, etc., but most of them aren't really usable on blue, because all of those camps are already taken.
If you see a guide that says to hunt Nybrights in Lfay, sisters in OOT, how to spawn the sarnak courier, etc., you can actually DO those things on red. On blue the spot is already camped, at least in my experience.
I happen to enjoy pvp, but I might have made the switch anyway, just to be able to relive content. On blue, I walked a level 15 shaman through KC and collected my Jarsath pieces with almost no risk of death, because the mobs were all down. It's a very different experience even in pve between the two servers.
But that's just my opinion, try them both and see what you like better.
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