Okay just finished the first season. It's kind of hard to compare since they feel so different even though they have similar plots.
The Israeli version is less of an espionage thriller than it is a psychological drama about how prisoners of war deal with coming home , That kind of stuff is in there but it's more of a secondary plotline and much more downplayed than the American version. It's more about the everyday lives of returned prisoners of war than cloak and dagger stuff.
It's darker , more complex , and more subtle than the US version.
The POW's families and especially Dana(the only character whose name they didn't change) are done much better and come off less annoying in this one.
The two "Carries" Dr. Cohen and Iris are much more secondary characters unlike the US version.
The torture scenes are much more in detail and brutal.
The big twist at the end of the first season is something that happens around the mid season of Homeland. finding out that the "tom walker" survived his beating by the one of other POWs and is now a terrorist
This article describes it perfectly. It's hard to tell which is better because they're both great in different ways.