Hi A.,
I LOVE Coach purses and live in Mckinney. I have been to the outlet several times. The prices are definately cheaper. I bought a Swingpack for $80. I have several other Swingpacks that I bought in the mall that have the Coach lining and tag inside. This purse only has black lining and no inside tag. Since it is leather, the only way you would know it is Coach is by it's hangtag. I noticed that a lot of the purses at the outlet are ones I remember seeing in the regular store, but some are made just for the outlets I think. I am not an expert, this is just from what I could tell by small differences. Also, the styles are older.. like right now, they have a ton of "small C" purses... and they are really cheap.
How I purchase Coach purses is to go to the regular store in the mall, find what I like, and then buy it on Ebay from someone that has very reputable feedback. There are Coach dealers that get the bags from stores since Coach changes out their styles SOOO much. If a purse just came out, it will only be $20-$40 cheaper or so... but if you like one, and wait a few months, or it has been out awhile, you can get it for a big discount.
Good luck!