They can differ in features:
- rumble filter
- mono/stereo switch (rare. Never seen one in person.]
- MM vs MC
- variable output levels
- power switch vs no power switch (the only way to power down is to unplug it)
- different cartridge loading settings (can alter the tone a bit)
But other than sometimes fairly innocuous differences that don't matter looking at the big picture, they all sound about the same despite the hi-end reviewers' imaginations claiming otherwise.
A common journey phono hobbyists explore is when they discover that with the stylus cued up and not touching the record that different phono pre-amps exhibit subtle differences in noise, hiss. But then when you lower the stylus into the groove the noise level skyrockets—from the cartridge hearing the noise of the disc, the turntable, and the room—and the smart people realize that the faint differences heard before actual play don't matter because they are obscured, masked, in actual use.