On H2O, the clock is thing I notice the most. Clock is 12hour, not 24hour. And you can't see it all the time. Well, solution is alternate readers (I don't know how it was on T1, but I still have PRS 650 and had tweak for clock in footer) which have it.
Also, H20 is very unstable software wise. I have numerous bugs, instabilities, USB problems... Well, it is true that most of them are resolved with turning device off and on again (not sleep, but really turning it off).
Sony is much stabler device.
Regarding pluses, well, people said it, better screen, better resolution, waterproof...
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