I actually own the Icarus Publishing variant of Aqua Bless, so I'll try to help out a little. The Icarus Publishing version has absolutely no color besides the book's cover and back. The translation, compared to the Icarus book and the previews on Project-H, are also different. In some panels, the dialogue makes sense, but they are vastly different. The only Project-H book I own is Cute Devil Girlfriend, and the Icarus book is actually about a quarter of an inch bigger all around. Icarus' book sadly has slightly lower quality paper; you can see through too many of the pages..
All in all, while Icarus has left behind an amazing legacy, I would probably pick up a pre-order on Project-H for a slightly higher quality book with color pages and a poster.
If anyone has more questions about the differences I'll try and answer them~