Damn, I actually think that's worse looking than the 1st gen.
I think it's more likely drive unit difference than travel differences.The teaser/leak situation is really starting to heat up, thanks for posting this! So if they're keeping the current Carbon/Carbon Pro terminology from the 2025 bikes, we are still looking at 2 levels with a sort of base level and then a high end one.
But the big news is there is a PR and a PX models. I am going to guess that th PR might be a shorter travel version and the PX might be the longer travel version, but I'm not able to determine much from the pics, as they seem like either both models share the same front triangle, or those are just placeholder pics and are not representitive of the finished product. Did you get any more pages along with what you pasted here, such as some spec sheets or geometry tables?