I own twp prestiges and 1 premium (down from 3 premiums) and no standard ranges (again, had quite a few).
Well, firstly, yes there is a difference, but not night and day difference. The woods are better, the pickups are better and they are (or can be) nicer made, or more consistently made.
However, I play my 1605 more than my 5005 (and more than my 1000, but that is because it is a 4 string) because it is a lot lighter.
Absolutely guarantee you will sound pretty much the same on both.