Not all of them do, actually. I have a couple blue label models without the drainage channels.
The Wiki will correct me if I'm wrong, but it's my understanding the blue label models are made by Lexmark, which was spun off from IBM in the early 90s. Of course, I'm assuming when you say white, you mean grey ovalish on the left, and not silver rectanglish on the right.
There aren't really much in the way of differences, otherwise. Lock light wiring, plate thickness, sometimes stabilizer type on the vertical keys on the numpad. Personally, I prefer 1989 and earlier, as I prefer the wire stabilizers to the blue peg stabilizers on the numpad. Not sure why, really, they just feel better to me. Then again, I do use the numpad fairly often.
I just picked up 2 more 1987 models. Filthy dirty when they came to me, now they look almost new. And oddly, what might be the filthiest keyboard I had ever seen had only a single broken rivet. Not even another loose one -- I had to actually cut them all.