I need a VPN router capable of site to site and have about four locations to link up (although with very low traffic).

The 2865 seems to be good as it can do more than two VPN tunnels. The 2927 looks to be the same other than it can do 50 tunnels rather than the 2865's 32.

Other than its black are there any other differences?

Thanks!

Yes, I'm missing whats missing. The 2927 doesn't have a VDSL modem.