I have both Nike Limited ($135) and Game ($99) jerseys.
Materials/quality - The limited jersey definitely has some higher quality components (stitched numbers, name, neck flywire. However, a lot of the components/stitching are exactly the same (e.g. the stitching around the inside of the neck, the bottom hem, the NFL shield on the bottom of the v neck). The jersey material is either identical or if it isn't, it's pretty damn close -- I couldn't tell the difference even upon close examination -- right down to the stitching.
Fit - The game jersey is definitely more comfortable to wear and move around in. It's no contest. Also, I have a size small and the game jersey is a better overall fit, where as the limited jersey (in the same size) is a little bit tight around the chest. It's also about 1 to 2 inches shorter at the hem. Another thing to note is that because of the stitched on numbers in the limited jersey, the jersey has some weird creases and bunches up in areas where the game jersey doesn't. The game jersey just flows nicely.
The "shoulder issue" that's been talked about is less of an issue on the game jersey because the numbers on the shoulders are not stitched, nor are the logo(s) on the arms. Also, the screen printing seems to be a little bit lighter/thinner on the game jersey. Overall it seems a bit roomier in the shoulders and more forgiving when it comes to returning to shape. For example, if I reach up with one arm on the limited jersey, the jersey may bunch up in the shoulder area and I have to fix it with my other hand to return to shape -- not so with the game jersey.
Decision - If I HAD to choose one over the other, it would come down to a question of whether or not I REALLY wanted the stitched numbers, stitched name, and the v-neck flywire. Those are really the big differences. However, with those things, you compromise fit and comfort.
For reference, I am 5'10", 175 lbs, 41" chest, 33" waist.