The Columbia 204 & the HMV 97 are the same machine, although the earliest 204's use Columbias nickeled "V" shape record holder in the lid, and the 97 used the same record tray as the 102 which sat on the turntable.
These machines, along with the HMV 88, were the result of EMI wanting to cut back on the range of portable models offered by HMV & Columbia, so the same two models can be found under the HMV, Columbia & Odeon names (and probably other brand names acquired in the merger).
Both the 97 & 88 (& 204) used the same motor, auto-brake, tonearm & soundbox (a No.21 I think?).
Minor differences between the two models are that the 97's cabinet is about 1cm shorter, but 1 cm wider than the 88 cabinet, the 97 has a secondary hand brake, and has external needle storage set into the corner of the cabinet (as used on the 101 & 102). The 88 only has the auto-brake, and uses an internal needle cup that is covered by a rubber disc when the lid is closed. Also, the 97 has a 10" turntable, and the 88 has an 8" turntable, which meant the 10" record tray couldn't be used so the 88 has no kind of record storage facility.
The major difference between the two models is that the horn in the 88 is actually slightly longer (although only on one side!), and the horn opening left by the motor board is bigger on the 88.
Both horns really are a poor design, as they simply throw the sound into the cavity under the motor board, but the horn of the 88 projects the sound towards the motor board opening more, & that coupled with the bigger opening does seem to produce better sound.
Below are a couple pics of the 88 & 97 horns "in situ", and a couple showing a spare 97 horn on top of the 88 and a spare 101 horn for comparison. Just for kicks, the last picture shows the 102 horn design. Unfortunately I dont own a 102 YET

, so I pulled this one from the RadioMuseum website.

- HMV 102 horn & motor.png (136.95 KiB) Viewed 6076 times
Although the teak models Steve mentioned may be better than the 102, it's doubtful you'd ever find one, even if you travelled to India, so as far as accessible models are concerned, an HMV 102 is still your best bet.
That said, I personally dont see any reason to avoid the cheaper models. I find the tone of my 88 more pleasing than that of my 101's because it isn't quite as loud and in your face, and the small motors are very reliable & have no problems playing a 12" disc from any era.