1. Price: The Toyota version will cost you $40,000 net, and the Model S, depending on which version you buy, will cost you anywhere from $47,500 to over $90,000 net.
2. Range: The Toyota version of the Tesla comes only with a 41.8 kWh battery capacity, whereas Tesla's Model S also comes in 60 and 85 kWh capacities. So while the Toyota version will give you a range of around 100 miles (conservatively), the Model S will give you options all the way up to 265 miles. That's a big difference.
3. Body: The Toyota is a conventional small SUV, whereas the Model S is a unique hatchback in that it also has an extra luggage space in the front. The Toyota has a roomier and much more comfortable back seat.
4. Handling: The Model S has an even lower center of gravity, and the tires are meant for aggressive cornering. Simply put, the Model S translates the awesome electric motor's massive power to the ground dramatically better than the Toyota.
5. Luxury factor: The Model S has unique styling, inside and out. On the inside, leather and other materials vastly outperform the budget look of the Toyota. On top of that, the centerpiece of the Model S's interior is the industry-first high-resolution 17-inch display.
6. Practicality: It's easier to get in and out of the Toyota, and the inherent SUV design means it's less fragile to a lot of real-world events, inside and out. Also, if you are planning on charging at public stations, the Toyota version wins out because of its standard port.
What's the bottom line? Given the net worth and income of a typical Tesla buyer, this gets tricky. Why? Well, just buy both of them. You probably already have a couple of cars, and if you're writing one $100,000 check, just write another $50,000 check. Compromise is for losers!
For those of you closer to reality, the Toyota version of the Tesla gives you a unique car in the market, essentially right now as opposed to many months into the future. The SUV body is "just right" in size and practicality, and the standard charger means it will be easier for you to fill up that battery when you are out and about.