Each version is more expensive and deadlier than the last, with the elite version being decked out with a tan paint job either on some parts or on nearly the whole weapon to denote how bad-ass they are compared to the other versions. The in-game 'M16A2' is actually the A4 model, evidenced by the removable carry handle/rear sight assembly, the M110 sniper rifle is actually a Mk 12 SPR (a specialized sharpshooter variant of the M16 the actual M110 is based on the SR-25, which bears some resemblance but is still noticeably different from the M16), and the in-game SVD Dragunov is actually an NDM-86, a Chinese clone (which, interestingly, carried over into the main series with Battlefield 3). Most weapons, unlike the prior Battlefield game with this business model, use their actual designations, with a few exceptions. Many of the previously cash-only weapons were later purchasable with in-game credits, including the permanent purchases.
Allegedly Free Game: You can play the game itself for free, but several of the weapons and all of the clothing options are locked if you don't pay the money for them.