There are two differences, to my knowledge:
– As you pointed out, the YM has 32 envelopes, only used for hardware envelopes.
– The volume output are also different from the AY (some called it “steeper”).
I will eventually emulate these, however the difference is subtle and I’m not sure this will make a big difference. It wasn’t on my priority list because no ST sceners were interested in AT2… yet :).
As for the sound of the Lightning demo, it is already possible to do it. Simply use the “hardware to software” sound (sound type number 4) and use the “A” envelope. There is still indeed a small difference, but I don’t know if it is because of the emulation (mine or the one used for the video), or indeed because the 32-step hardware envelope.