My humble opinion;
I test rode a Tracer vp for a weekend. To me it seemed like a bit more of an all rounder than the T2, mainly this is weight, but also due to the steeper slightly head angle.
On the back of the T-VP test ride I bought a Tracer 2. The Tracer 2 is a beast, 1lb heavier, but feels sturdy as owt, an absolute riot. I've got -1 degree slackers on mine, size large, approx 66deg head angle, 13.9 bb height 17" chainstays, 29.6" front center.
I reckon http://vimeo.com/22613153 shows the riding that the T2 was designed for.
It feels like it's taken a step towards the slope style 1's that people were trail riding...