I don't own either, but for me the Aura HD wins over the Aura hands down. I'm hoping to save up & buy one in the near future.
The main innovations of the Aura over the Aura HD are the capacitive touch screen & the new anti-flash technology (Regal) from E-Ink.
I don't even notice the flashing on my Kobo Touch anymore. And I have no problems with the IR touchscreen tech. Heck, I've even managed to use the Touch on freezing cold days with my gloves on
because of the IR touch screen tech.
So that leaves the Aura HD's larger screen and much higher resolution. Me want.