I have a 93, and I examined the picture real closely and compared it to mine, and the only difference I see is the grill. It appears sort of 'recessed', whereas mine looks like it's added on the end of the hood. I also read in a Mercedes book that the change was in the grill to share the new family grill as the new C-class and S-class.
I've been told that the shape of the hood is also different, but I don't see it. I've looked at 94-95's when I've see them in a parking lot, and I couldn't tell the difference either.
Also, this book lists the only differences between the 93 and 94-95's are: the grill, the headlights, rear tail lights (red and clear only, no yellow), and the trim on the trunk (a small chrome strip below the star, instead of the black plastic strip that runs the whole length of the trunk between the tail lights.
I've read repeatedly many members wanting to update their cars visually to the 94-95's. I think replacing the hood to the updated grill is not worth it. The changes in the grill are so small even under close inspection that I don't think even owners of 94-95's could tell the difference if you didn't tell them what to look for.
In my opinion, the items I'd change that would have the greatest visual impact are, in order: headlights, trunk, tail lights, hood. Naturally with the new trunk I'd put on the E320 numbers as well. I've already replaced the 300E to E320 on my car. It really bothers me that Mercedes added the new 3.2 liter engine to my year, gave it the updated interior with the airbag, but didn't change the badge on the trunk. If they would've called mine a 300E 3.2, like the 300E 2.8 or the 300E 2.6, I wouldn't mind.
I guess I'm too anal retentive...
2001 E430, Bourdeaux Red, Oyster interior.
1973 280SE 4.5, 170,000 miles. 568 Signal Red, Black MB Tex. "The Red Baron".