Yes, there are differences between mentioned versions. Briefly, the free version (known as trial) lacks UDF, IFO, NTFS, FAT(all versions) extraction and inspection. It supports, however, normal extraction methods, but you won't have support for advanced ones like BD Surface Scan. There is a big table with all the features available for IsoBuster in Free, Personal and Professional mode.
Table comparison : http://www.isobuster.com/license-models.php
Note: Choose your version based on the needs and the features offered.