The difference is:
About one stop less aperture (f:15 instead of f:12)
Longer focal length
More aberration (a LOT more)
Shorter bellows draw
More distortion (quite a bit more)
And you'll be pumping dust into the shutter/iris with the bellows instead of letting it settle (visibly) from the outside.
That much being said, I've used my 240/420 with the rear removed (or rather rear cell in front threads) simply because my camera doesn't have enough bellows to do it correctly.