I think the only real difference is the recoil spring and housing, there are a number of other minor differences but that's about the only ones that really matter in operation.
The only real difference I know of is a re-designed stock on the M-2 that is supposed to reduce recoil. I have two M-1's. I'm completely satisfied and wouldn't pay the difference to get an M-2.
M1 has mobil chokes the M2 has crio chokes.The M2 is supposed to have a new recoil spring made from SS. The barrels on the M2 are crio treated. M1 series allow ghost loading while M2 series need the bolt carrier modified for ghost loading.
Ghost loading is the ability to load an extra round by having it lay on the shell lifter.The M1(some late model M1s cannot)/M4 series can do this and the M2 can with some modification. I believe some of the SBE models can as well, it depends when they were made.
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