M4 handguards are about 1/8" wider and are taller as well. The ones made by Colt seem to be made from a stiffer plastic and have double heatsheilds that are held in place permanently with what looks like an epoxy glue. They have 7 cooling vents, but due to the double heatsheild design, you cannot see the barrel thru the vents. (This complicates the install of rails I have heard)
Their main advantage with the M4 guards IMHO is the heat sheilds. With standard carbine guards, your palms are farely close to the barrel, and with only one thin sheet metal sheild, the heat off the barrel can get uncomfortable fast! With M4 guards you can fire rapidly for much longer time before barrel heat reaches your palm.
BTW, they do have a very slight taper (inward slant from the very top and bottom surfaces.)
Tex78