I recently read an article somewhere on aceshardware.com (I think it was actually a CPU article) that detailed some of the differences.
I think Win2K server is limited to using 4 gigs of RAM and can only allocate a max of 2 gigs per process (the same as 2K pro), whereas Advanced Server can access 16 gigs of RAM and allocate 3 gigs per process.
Xeon processors have extensions called PAE or something like that that allows the 32 bit x86 CPU to address more than 4 gigs of RAM by copying data between memory above 4 gigs and a "memory window" below the 4 gig border. The performance isn't that great on it (and that's why some high performance tasks are on MIPS, Sparc, and 64 bit platforms.
Also, I think Server only supports like 2 or 4 CPUs whereas Advanced server will support up to 8 (or maybe 32 ... not that anyone has made a 32 way x86 system)
I provide a little support for some servers and advanced servers at work. I know Advanced server is also required for clustering, but I have seen little software difference beyond that.