As far as what you get, with the original Colt LMG upper, is a chrome lined barrel that is almost an inch in diameter under the hand guards. But to me the biggest difference between a standard 20" HBAR and the LMG is the gas block and gas tube. The gas block is designed for use with a special heavy walled tube. A standard front sight/gas block is designed for a standard lightweight curved gas tube. The LMG upper has the same inside diameter, but the tube wall is much thicker than a standard gas tube. With sustained full auto fire with a standard upper, the gas tube gets so hot that the stainless steel gas tube gets too soft to contain the bleed off gas that works the works the bolt group. The gas tube ruptures and the gun becomes a single shot. That heavier walled gas system is what makes the LMG upper worth the extra money. The LMG gas system can handle much more sustained full auto fire than the standard AR gas system.
The open bolt fire control system uses a full auto hammer that is notched at the top and a modified bolt carrier that the hammer notch fits into, holding the bolt group back. The fire control is specific for the open bolt. In a standard AR, because of the angled surfaces of the trigger and hammer, when the trigger is pulled the hammer actually goes down before it is released from the trigger. This action is what releases the bolt/carrier assembly from the notched hammer. The recoil spring drives the bolt/carrier assembly forward, stripping and chambering a round. The G.I. auto sear releases the hammer, which strikes the firing pin. This fire control system is designed for full auto only, no select fire.
As far as springs and buffers, "amphibian" on an other site has gotten great results from an A5 buffer tube, Kynshot 9mm buffer, and Tubbs flat wire spring. That is his setup for pistol caliber and rifle caliber configurations. He has stated that he installs a .308 Tubbs spring for use with his belt fed Shrike for the additional spring power needed to strip rounds from the belt. His typical ROF is 650 to 675 RPM. These are current production, off the shelf components, not out of production for 30 years parts.
While the increased mass of the LMG barrel and heavier gas system helps, the barrel is still going to get hot. I went another route. What kept the machineguns of WW I running for tens of thousands of rounds? A water jacket. I built a few of these 10 years ago. I put one up for sale to gauge interest. At $2,000 each (15% above my actual cost for parts) I sold the one extra unit with a couple of guys that were "interested". With that level of interest, I didn't make any more. Here is my wife running 500 rounds using a custom/KNS setup with a Valkyrie Armaments belt fed system:
http://youtu.be/RFcxuOzsoXA
At the time green tipped Federal was $400 per thousand. So that is a $200 minute. Not something I do all the time, but if what you want is sustained full auto fire, water cooled is the only way to go. I have over 8,500 rounds through that upper with mostly 100 or 200 round bursts. I don't see any throat erosion yet. Between the custom work, the belt fed system, and the parts I have around $7,500 in the semiautomatic host gun pictured. Sustained fire full auto is not cheap, but boy is it fun. YMMV.
Scott