The most important difference right now is that --pmerge-list only handles concatenation jobs (e.g. merging a split-by-chromosome dataset) for now. If there are any variants shared between multiple input files, --pmerge-list doesn't work yet.
For those concatenation jobs, --pmerge-list is more likely to do what you want than plink1 --merge-list: variants are matched by position and ID, rather than just ID, so missing-ID variants aren't a problem.