The program comes in 3 main packages – the Standard, Professional and Premium.
If you are a standalone user, the Standard version is probably enough for you, as most relevant features are there – including Mold design, Assembly motion, Mill of materials and Advanced surfacing.
However, if your want to take advantage of Standard Parts library (which includes hundreds of pre-designed screws, washers, nuts and more) or Design Standard’s checking – you need to acquire the Professional version. It is also true for 3D designers which prefer SW over 3Dmax and similar, as the PhotoWorks Realistic Rendering is only included in Professional package.
The Premium is really high-end of the Program, with the advanced Routing, Tolerance Stackup and Assembly Simulation features. Really, if you think about SW Premium you might as well consider CATIA, as the price-difference is not so big and CATIA is far more powerful and inclusive software.
The Professional and Premium versions also include some PDM tools – revision management and files finder. Of course, the company would like to sell you the complete PDM package (SolidWorks WorkGroup PDM) – but it is really not necessary if you already have a PDM/PLM software.