deluxe - pearl dot markers
standard - black dot markers

deluxe - compound radius fretboard
standard - single radius fretboard

deluxe - Noisless pups
standard - single coils

deluxe - S1 switching
standard - no load tone

deluxe - strap locks
standard - strap buttons

deluxe - deluxe bridge saddles (cast)
standard - standard bridge saddles (bent)

deluxe - uncoverd trem arm
standard - covered trem arm

Undocumented Deluxe differences:
- higher level of QC
- pickier selection of wood pieces
These undocumented differences have been debated but I have seen FMIC employees in the past making posts (on another Fender Forum) that allude to the differences.

Deluxe differences from the past that no longer seem to apply:
- better case

Only you can decide if it's worth it for you.
I think it is.

_________________

Just think of how awesome a guitar player you could have been by now if you had only spent the last 10 years practicing instead of obsessing over pickups and roasted maple necks.

You can google up all kinds of articles on which is best. The best way to answer your question is to check them out for your self. No single answer will work for everyone.
In My case, I ordered a Standard from My little neighborhood store and it was taking for ever to get. After waiting two months, I told the guy to cancel My order. I was going to order one on line. I thought the guy was going to cry. He said I've got a Deluxe that just came in And I want you to play it first, I'll make you a special deal. It was a beautiful Natural wood finish and it played about the same as the standards that I played at G.C. There are obviously some difference's, but for My money not important enough to sway My opinion to get the Standard. I dearly love My American Standard. and I saved a bunch of money. Check out the specs on line, then go play them. I matched Mine up with a new Fender RI "65" Deluxe Reverb Amp. What a Combination.
----Danny,

I have these two guitars and I prefer the simplicity of the american standart closer to what Leo manufactured.
The sound? Matter of taste