Well you can assume winner has better chance at loot, but you can get good shit from loser chest too, someone got a courier from it. I dislike how it can be very unbalanced depending on who has the good greevils and shit. It's somewhat less of an issue lategame IF you random good items on the right heroes, but early it sucks. I think out of all the advantages, 300more hp and 60more speed are the biggest. People with unusuals run at 420speed at lvl 1 and have 1120hp, while everyone else is 360speed and 680hp(or different stat if in hero but basically always worse). That's a huge difference even if they have completely shitty skills, and even worse if they have good combos.
Played Lina a few times more and was lucky to get arcane boots in 3 of these games and it makes a huge difference, Lina is really good in these cases cause you can ninja a lot of camps with laguna blade, which unlike the greevil one does very high dmg all the time pretty much, and the cool thing is Lina can use pretty much all items. Get support/caster stuff? Cool more spells spammed, more int, more support. Get carry stuff? Cool Fiery Soul gives 85attackspeed so you can actually autoattack really fucking hard. Out of mana, time to greevil. Without them though you literally are oom once you've cast your whole combo and to be honest Lina is a lot better than my Greevil regardless of the level. Only time my greevil is good is kinda lategame(like 11+) when I have a cookie that resets cds, cause I can decrep > laguna x2 and the dmg is pretty good at that point, but a single one usually doesn't do much as people just change form and I can't do anything about it.
Still overall I think it's a nice event, better than last one as it forces people into fighting 5vs5 all the time and is very short so that's fun. I just wish it wasn't so unbalanced, all the essences bonuses need to go and naked greevils need 3spells.