AA1942 (the 2009 version) has some much needed small tweaks. These tweaks will reduce many “wtf” from the “logical” thinking new players.
AA1942 s almost identicial to Anniversay edition. Krieghund has a table posted at BGG comparing Revised, LHTR, and Anniversay.
Axis and Allies is a team game and quite different to Risk and Settlers of Catan. The latter being free for all with medium to heavy diplomacy. For what it is, I sugguest that individual victory rules should be tried only later.
Your Catan friends may find the game long. Your Risk friends are probably seasoned long playtime players so no problems there. Either way you should play the minor victory mode in the first few games.
I also wait eagerly for the AA1942 rules to be posted online.