Out of curiosity, I picked up a 2nd edition copy of The Raft Book (I alrady had the original edition). The primary difference is that the 2nd edition has a nice color illustration pasted onto the front of the slipcase (see attached image), which in my opinion makes the 2nd edition rather nicer to have in one's library, not to mention cheaper to purchase.
best
-p
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Linked File: http://www.fer3.com/arc/imgx/RaftBook.JPG