Yes, the electronics are different. In each case, you would have a volume and a pickup pan control, that much is the same.
With Europa, you get a single filter that applies to the sound from both pickups, and a Q switch that modifies how that filter works. In addition, you get a pair of toggle switches that will provide a fixed boost/cut to a fixed bass/treble frequency, again applied to the tone as a whole.
With Signature electronics, you get two filter/Q switch combinations and each one is applied to only one pickup. This gives you the flexibility to apply the right tone to each pickup individually, possibly pulling out the lows from the neck pickup and the highs from the bridge. You don't get the bass/treble toggles, though.
The list price difference is that Signature electronics are +300 vs. Europa electronics.
In practice, both configurations work very well. I suspect that you will be quite pleased with the control you have over your tone with this setup.