Ray34CA - narrow nut width 38 mm, 2 band preamp, Classic voiced pickup, no contours on body (no belly or forearm contours), vintage colors, glossy hard tinted neck finish
Ray34 - 43mm nut width, 3 band preamp, standard Stingray style body, satin neck finish
Ray34CA is more vintage vibe, Ray34 is more modern vibe.
Pat covered the diffs, now on to "which should I get?"
It clearly depends on what floats your panties (or is that "what makes your boat wet"?). If you like a rather new-ish sort of Stingray-type bass and the neck width/depth is good for you, then the Ray34.
I went insane a while back and got a Ray34ca and even with all the Bongos and Big Als and SR5s around here, I can't keep my hands off that thing. It's definitely got the "vintage" tone with the 2 band preamp and that killer pickup. And I thought I might not warm up to the skinnier neck....I did.
Plus, have you seen the Mint Green? That right there was enough to convince me.
My Ray34ca are my main 4 string basses and I love them.
I came from playing Js for years so I really love the neck, not to mention I like the heavier finish on the the classics. They are very stable (thats big to me) I don't want to have to tweak all the time. I prefer them to the standard EBMM Stingrays. You cannot go wrong either way, however if you have not tried the Ray34ca then I suggest you do, you will not regret it.