The first version of Batman looks pretty much like he does in the cartoon show. He is molded in a dark smokey black plastic. This gives him and interesting look. It's most noticeable at the tips of his bat-ears and left hand. It almost looks like he's coming out of stealth mode.
The second Batman uses the same mold but is cast out of blue translucent plastic. I'm not sure what the reason for this figure was. Once again, toy companies make dozens of versions of the main character to fill out wave after wave of villains and supporting characters. I photographed him in my normal lighting and one in extreme lighting that shows off his blue plastic.
Face-off between Faker and Batman (He-Man Reference)