The Arctic/Lunar/Inferno are direct diode lasers. Meaning that the diode puts out the color that comes out of the aperture. So very basically it is a diode and driver board.
Green handheld lasers are what are called Diode Pumped Solid State (DPSS) lasers. There are no efficient green direct diode lasers at this time. All green DPSS lasers start out as 808nm diodes, which is infrared radiation. It is aimed through a crystal to lengthen the wavelength to 1064nm, which is still infrared. It then goes through a crystal that cuts the wavelength in half to 532nm which is...green light. It is not very efficient because of all the steps involved so the infrared diode must be much more powerful than the green light coming out. This is why an infrared filter is used in each Wicked Lasers green laser.
This is why the green lasers are more costly.
Green light is by far, the most visible due to the human eye being most sensitive to green light, a low powered green laser can be much brighter and visibly travel much farther than a different colored laser with much higher power. However the burning power will be better with a laser with higher power output and the same beam diameter.