What new features are in the elite FlightView version of your app that is not in this standard version?

In the elite version there are Flight Boards (listing of Arrivals and Departures at top airports).

If you are upgrading from the standard version of the app to the elite version, and use the in-app upgrade path, which can be found by tapping on More -> Upgrade to FlightView Elite, all of your trips and flights will be automatically transferred to the elite version.