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I've not had both, but I have tried both on. There are two designs, first of all. I personally prefer the original design e.g.
If you're talking about this one:
then the only difference is case size. The 40mm is nicer to me. The size fits the faux vintage aesthetic better IMO. Same movement, same everything else. Try 'em on and see what you prefer. If you're in London, Watches of Switzerland on Regent Street have both.
Have started craving an Oris Diver 65 40mm on a bracelet. Love the dial.
Any views on the merits of the 40mm vs the 42. Anyone had both ?