Main difference as far as we're concerned is lumens/watt, as shown in the screenshots below. The spectrums are pretty similar, and some manufactures are using more 281's than they would 301's so that they can be driven at lower current for better efficiency, in at attempt to match the overall efficiency of a 301 fixture, and based on some testing, it seems to be working. The 281's are also a higher powered diode, which additionally helps with efficiency at lower wattage. Also 281's are slightly rectangle, while 301's are square.
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