I just had 10 minutes to look at my 735XT + HRM-RUN. Physically speaking there are so many tiny differences, from the way the band feels to the size of the unit that it makes me feel that this was a solid HW revision of the unit. Here is what I observed:
1) Band: It is soft silicone style like the the 235 but not as soft. At the same time it is not as hard as the 630, just perfect in my opinion and a solid improvement
2) Size: The diameter of the watch is 1-2mm smaller than the 235. I put them face to face and the difference is clear! You can also appreciate the size difference when you wear it. Also the bezel looks even smaller (the screen size looks the same) which increases the useful screen / total watch face ratio.
3) Vibration: The motor is much better quality than the 235. The ramp-up is almost instantaneous compared to the 235 so it gets your attention more easily
4) Backlight: The same as the 235 in my eyes but I never thought it was as problem. It does indeed has the "flashlight" effect.
5) Buttons: Same plastic material, but they are bigger in that they protrude more, out of the case making them easier to touch-find and depress! Bravo on this one Garmin! Also the tactile feel of them feels significantly better to my fingers
6) UI: The interface has changed on the FW with a bunch of useful *new* native widgets (last run, day summary, calories etc) which makes the use of a complicated watch face (like Altiface for example) not that necessary anymore.
Overall I am pretty impressed! I am going for a run in an hour so ...