There are no (significant) differences.

Well, okay, that's a little premature. There are three tiny differences unique to arrow functions.

1. Arrow functions cannot be used with new.

   This means, of course, that they do not have a prototype property and cannot be used to create an object with the classically-inspired syntax.

   new (() => {}) // TypeError: () => {} is not a constructor
   

   This is probably for the best, though—the way new works would not make much sense with bound functions.

2. Arrow functions do not have access to the special arguments object that ordinary JavaScript functions have access to.

   (() => arguments)(1, 2, 3) // ReferenceError: arguments is not defined
   

   This one is probably a little bit more of a gotcha. Presumably this is to remove one of JavaScript's other oddities. The arguments object is its own special beast, and it has strange behavior, so it's not surprising that it was tossed.

   Instead, ES6 has splats that can accomplish the same thing without any magic hidden variables:

   ((...args) => args)(1, 2, 3) // [1, 2, 3]
   

3. Arrow functions do not have their own new.target property, they use the new.target of their enclosing function, if it exists.

   This is consistent with the other changes to remove "magically" introduced values for arrow functions. This particular change is especially obvious, considering arrow functions can't be used with new anyway, as mentioned above.

Otherwise, arrows are just like bound functions, semantically. It's possible for arrows to be more performant, since they don't have to carry around the extra baggage and since they don't need to be converted from ordinary functions first, but they're behaviorally exactly the same.

There are a few differences:

• Arrow functions cannot be constructed. While both arrow functions and bound functions both don't have a .prototype property, the former do throw an exception when called with new while the latter just ignore the bound value and call their target function as a constructor (with the partially applied bound arguments, though) on the new instance.

  function F() {}
  var f = () => {},
      boundF = F.bind({});
  console.log(new boundF(), new boundF instanceof F) // {}, true
  console.log(new f) // TypeError
  

• Arrow functions do have lexical arguments, new.target and super as well (not only lexical this). A call to an arrow function does not initialise any of those, they are just inherited from the function the arrow function was defined in. In a bound function, they just refer to the respective values of the target function.

• Arrow functions don't actually bind a this value. Rather, they don't have one, and when you use this it is looked up like a variable name in the lexical scope. This does allow you to lazily define an arrow function while this is not yet available:

  class X extends Object {
      constructor() {
           var f = () => this, // works
               boundF = function(){ return this; }.bind(this);
  //                                                    ^^^^ ReferenceError
           super(); // initialises `this`
           console.log(f(), f() == this); // {}, true
      }
  }
  new X;
  

• Arrow functions cannot be generator functions (though they can return generators). You can use .bind() on a generator function, yet there is no way to express this using an arrow function.

Here is one more subtle difference:

Arrow functions can return a value without using the 'return' keyword, by omitting the {} braces following the => immediately.

var f=x=>x;           console.log(f(3));  // 3
var g=x=>{x};         console.log(g(3));  // undefined
var h=function(x){x}; console.log(h(3));  // undefined
var i=x=>{a:1};       console.log(i(3));  // undefined
var j=x=>({a:1});     console.log(j(3));  // {a:1}