SPOT image differences

The first and most obvious difference between the two photos is the clear separation of water and land. The color in the multi spectral photo helps define the shore line. The under water contours are also better defined. Vegetation is apparent in the ERDAS Viewer as a bright red which also delineates the urban area by the lack of color. I don't know why the red does not show up in the image below. All the parameters matched those in ERDAS.
The panchromatic photo is sharper and better defines the urban area. It's easier to pick out individual buildings.