I think it's basically the binder. The Elite is a 22-ring binder that matches the Gibbons range of Commonwealth printed albums, while the Sovereign, which is also a ring binder, has a faux-leather effect.
SG no longer produces the Elite. I think they supplement it but that's about it.
I think the Elite had a slightly smaller page size that matched the pages they use in their George VI and other such albums. I thought it a very attractive album but apparently not enough others did.
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