The bonus going from VIP to Premium is based on how long you have subscribed which translates into Paragon Reward tokens. VIPs get one per month plus one per year. Since the number of tokens affects which Tiers you have unlocked, players who have been subscribed longer before dropping to Premium get access to more features.
Other than that they are the same.
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Is there a difference between VIP-turned-Premium (having subscribed for, say, just one month) and Free-turned-Premium (having spent even one dollar just to become Premium)? I was told that there isn't, but I would have thought that they'd offer former VIPers more, so as to encourage players to subscribe, even for a while. Thanks.