Playing through again on normal will get you another loot drop (like the one you got from beating it the first time. Beating it on Hard will get you a BETTER loot drop (as well as Phoenix Credits if you've completed the game). Beating it on Challenging (which only shows up for certain missions after completing the game) will give you more Phoenix credits and a guaranteed High-End reward. Not to mention a whole lot of Superior loot from all the elite enemies you'll be facing.
You won't get the large XP dump you got from the first completion again.

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