1. First, both products feature a reactive loadbox (with an XLR output) which allows for silent playing/recording of your amp (i.e. playing your amp without a speaker cabinet connected). They both come with a Wall of Sound license plus 16 virtual cabinets for the Captor and 24 virtual cabinets for the Reload. You can connect them between your amp and your sound interface, use the Wall of Sound plugin in your DAW to get speaker and miking simulation, and play/record your amp, while monitoring through headphones or studio monitors.
2. The loadbox impedance of the Torpedo Captor is fixed, and the product comes in three version : 4-, 8- or 16-ohms. The loadbox of the Torpedo Reload has selectable impedance of 4-, 8- or 16-ohms.
3. Both products feature power attenuation meaning you can keep a speaker cabinet connected to your amp and play your amp loud while reducing the volume produced by your physical cabinet. However, they differ greatly on the way they do it:
1. The Torpedo Captor is passive (it doesn't need any power supply). It features a simple, non-adjustable attenuated output (ATT). It also features a full-range, non-attenuated output (THRU). With the combination of the loadbox, the ATT and the THRU output, you have access to 3 levels of attenuation: fully attenuated (no speaker cabinet needed), -20db of attenuation (ATT output) or no attenuation at all (THRU output).
   
2. Note: the attenuated output (ATT) of the Captor can affect the tone of the speaker cabinet. The effect on the tone will actually depend on the actual impedance curve of the speaker cabinet. This effect can usually be corrected by adjusting the EQ on your amp.
   
3. The Torpedo Reload was designed to overcome the limitations of traditional power attenuation by using a totally different approach we call Re-Act. It is active (requiring power), and features a continuously adjustable attenuated output from no attenuation to full attenuation (no speaker cabinet needed). The impedance curve doesn't vary with attenuation which means your tone is unaffected, no matter the attenuation.
   
4. If you're after perfect, adjustable, no-compromise power attenuation, with no tone modification whatsoever, you should consider the Torpedo Reload. If you just need simple and affordable attenuation, the Torpedo Captor has you covered.
   
4. The Torpedo Captor features an analog speaker simulation. This means you can use the Torpedo Captor for monitoring without using a DAW and Wall of Sound, when playing without a speaker cabinet. This speaker simulation has two settings (Guitar and Bass), isn't IR-based, and can't be edited, modified, or changed in any way. You will always get more realistic results in terms of speaker simulation with Wall of Sound or by using a Torpedo C.A.B./C.A.B. M/C.A.B. M+/OPUS after the Captor, but in a lot of situations (typically on stage) the embedded speaker simulation of the Captor will cover your basic needs for silent miking.
   
5. The Torpedo Reload doesn't provide any speaker simulation and as such you'll need to use a DAW and Wall of Sound, or a Torpedo C.A.B./C.A.B. M/C.A.B. M+/OPUS, to achieve silent playing (ie, without a speaker cabinet connected).
   
6. The Torpedo Reload provides a full set of tools for re-amplification: an instrument DI and a Replay circuit with Match function. You can use the Reload for perfect re-amplification, which makes it a powerful tool for studio-centric scenarios. These functions are exclusive to the Torpedo Reload, and are not found on the Captor.

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