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.
In the "heyday" of early Yamaha I owned much and worked at a Yamaha dealer. The T-2 is superior if you have a non-compressed station in your area that plays music you like. Sad to say most FM stations broadcast a signal that is not very "audiophile"... compressed and freq. limited and with many D.J.s that still talk into and out of a song......basically A.M. on the F.M. band.
In many cities the best music and signal will be from a college station. I am lucky enough to have a college FM classical station and a college FM Jazz station.
Don't be fooled by online self promotion by stations, esp. commercial ones. If you google for best FM stations with your key word...as in "Jazz", "Classical", etc. you will find quit a few.
Because of the FM heyday, many of the very good tuners are old ones from Sansui, Yamaha and others...the newer Magnum-Dynalab units are good, esp he tube version of the 108.
Many listen "online",..but that is a story of a lower fidelity.