The smaller pack has fewer modules than the larger pack. The smallest unit in the pack is a string of 6 cells in series which is 22.2V. Both packs put a bunch of these in parallel. The large pack has 74 strings, and the small pack has fewer (the exact number escapes me at the moment). To get the full pack, the large pack has 16 modules in series for a total of 355.2V. The smaller pack only has 14 for 310.8V.
There are rumors the small pack changed layouts from the original 60 to the 70 and 75, but the math works correctly for the same layout.
So the smaller packs today have more overall energy, but with the lower voltage, they can't deliver as much energy to the wheels as fast as the larger pack can.
wk057 has said he took a salvage original 60, put an 85 KWh pack in it, then made a setting change in the firmware and it did turn the car into a P85. Apparently the only difference between the P85 and 85 was the software switch.