Well first; if you can find a T-2 for $150 buy it. They tend to go for $300+. If you like Yamaha, then in the $150 price range, look for a T-80 ($100 to $150), or a T-85 ($150 to $200+).
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I have owned the Yamaha T-1 Tuner since it was brand-new. It has been a very reliable component in my system, through the years. As for your questions the main difference between the T-1 and the T-2 is that the T-2 is FM only and the T-1 is AM-FM. While it has been some time since I purchased this unit I believe I am correct in my statement. I looked in my old brochures and tried to find any literature on these units, but I have nothing left on the T-2.
As for your second question about the $150.00 price tag; if the unit is in reasonably good condition jump at it. I don't think you will be sorry, as the unit performs very well and does just what it is supposed to do, and quite well.
Not meaning to disagree with anyone, but there is a lot of difference between the T1(365 new) and the T2(750 new), T2 being the most desireable of the 2. go to http://www.geocities.com/tunerinfo
to read more about tuneres in general, they do a nice job. Both tuners are good, I have owned both, but sonically the T2 is the master, and if you have found 1 for $150, buy it. The T1 is not a bad buy at $150, nor is the T2 twice as good, but hey, thats the way it is in audio in general.
I still own my Yamaha CT-7000, quite good, but a little out of the price range. For the money I prefer the Sansui analog tuners, TU-717 and TU-515. As an aside you might check out your local Goodwill; for some reason many nice older tuners end up there. I have found the excellent Pioneer 9500 and even the legendary Fisher FM-1000 tube tuner which only cost $35.00. Be sure to try before you buy though, some of the stuff is there for a reason. Happy shopping.