To my knowledge nothing or almost nothing. Since chessbase 7 the interface has been about the same The only difference I can really think up is the 3D chess pieces get better and better every time a new version of chessbase comes out. To answer your second question, you can't to my knowledge update the chessbase reader version but again your not missing out on any major magic...
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I've purchase megadatabase 2007 and it works real well with fritz 12. Was wondering what do I miss without chessbase 9. I have the reader that came with it and was wondering what others have that I dont. Also is there an update for this product that I need? thanks