Just finished setting up my T1 after having Kobo Touch for just about a year and a 1st gen. Kobo before that.
I love how fast the T1 is compared to Touch! Having said that, there are a couple of features I'm surprised the T1 doesn't have which the Touch does.
-'read' tag
-shortlist [TBR folder]
[and I realize I could probably make a tweak for both of these, but I'm a little bit 'tech-challenged' so it's really NBD to me
-clock feature available during reading
-cover of book to show when reader is off [reader feels 'naked' without something on it when you start it up]
-somewhere to put the stylus
These are all minor, but so far the only things I 'miss' from the KoboTouch. Other than that so far the T1 is far faster and generally easier to navigate. The collections feature is wonderful! Also, so far, no errors when updating my library. I may even get brave and try the SD card in my T1, which after reading the KT forums, sounded like it would have been more trouble than it was worth, which is why I never tried it.
So far I'm loving my T1.