
This my setup at home...

The only appreciable difference in hardware, is the avionics stack.. and since it barely resembles the stack in a real plane, there isn't much difference in training utility between it and the stack you'd bring up in the sim. Changing/entering frequencies is just a small portion of the "work" involved fying by instrument.
The appreciable difference in software however, is that MSFS is far superior to what's run on the approved simulator.
I've used both setups quite a bit (as have several of my club members/pilots/students/instructors).. and they agree. All said and done, my setup is better for teaching instrument flying.