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In paper two again the difference is in the time allotted to the HL students. The HL students get an extra 15 minutes. In addition to that the task complexity and the text level will certainly be different. I am assuming that would be due to different syllabus, the depth of language instruction, assessment complexity and time.

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Different levels of reading and listening (see CEFR for possible levels of difficulty) can require more time (for instance if the reading text is longer), but can also require a higher level of the student. I can only assume that the HL texts will not only be longer but also more complex.

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In it’s essence the assessments aim at providing a balance between receptive and productive skills. The course assessments are directly related to the three broad areas of “receptive, productive and interactive skills.” In short the course aims at teaching and assessing  the four domains of language acquisition i.e. Reading, Writing, Listening and Speaking. The receptive skills being reading and listening and the productive skills being speaking and writing. It also aims to assess the interactive skills.

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As Pravin already mentioned, The balance between both papers and at both levels is very similar, i.e. 50% productive skills, and 50% receptive. I do wonder at the difference between the reading comprehension (40 marks) and the listening comprehension (25). It seems to suggest that listening is of less importance than reading.

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Overall Assessment (External + Internal) = Productive skills (50%) + Receptive skills (50%)

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Students taking the HL course get 15 minutes more to finish paper 1, but the have to produce a lot more text. I also imagine that parallel to the increase i complexity of the other parts of the exam, this paper will not only requires the HL students to produce more, but to also produce text of a more advanced nature, as Pravin has already mentioned.

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While paper one specifically deals with writing for both for SL and HL. The linguistic complexity, the elaboration and the task  expectations are different for both HL and SL.  The time limit is extended for the HL students. I am assuming that would be due to different syllabus, the depth of language instruction, assessment complexity and time.

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The overall assessment is broken down into two large categories of:
External assessment and internal assessment.
The external assessment is weighed at 75%, while the internal assessment is weighed at a 25%.
The productive skill of speaking along with interactive skills is assessed internally and is weighed at 25%. Although writing skill is assessed externally it is also weighed at 25%, therefore giving the productive skills  a weight of 50% in the overall assessment.

Similarly, the receptive skills are weighed at 50%

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This is probably silly, but I can only post in white fields. :)
How do I add colour?

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The difference is difficulty level is very apparent in the oral interaction part: for the SL the students have a relatively straightforward visual stimulus. At HL the student have to discuss a literary passage - which is much more challenging. I assume in the next module the difference between evaluation of content and form (which should be the focus in a oral exam) will become apparent.

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SL vs HL
So far I have been just using SL , but as Pravin and Jeroen mention, both productive and receptive skills weight 50% each one, eventhough they are distributed or organized for different moments. One of them main differences I identify is that the productive skills in the HL are more challenging, the lenght of the written text is longer and the assessment of speaking implies a deeper analysis of a literary text.

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I can infer that the complexity of the text in Listening in HL as well as the variety of texts makes students spend more time in the analysis of it.

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The amount of marks in both leves is exactly the same, I do insist that since the "use" of the language is the most powerful evidence of how much we comprend and then how effective is our message , productive skills are more complex in HL.