Okay, so it only looks like an electro-forged frame, it's really fillet brazed chrome molybdenum; and it has a nice cotterless crank; and doubtless it has a lot more aluminum parts here and there. More expensive, more desirable... but what about Pars' complaint that it still weighted 34 lbs?
A Varsity weighs 40+ pounds so by Schwinn standards the Sports Tourer is a light weight bike.
I own a Sports Tourer & a Paramount. My Sports Tourer is by far the most comfortable bike I own. It is much more Touring than Sports (esp. if you swap out those ridiculous sized chainrings to something more reasonable). The Sports Tourer is like driving a big ole Caprice Classic. You won't win any races on it, but it is a very comfortable bike.