Well to start it's two very different sound signatures. I own the T1.1 (later serial), which in my opinion is superior to the T1.2. The T1.2 has this extra quantity of bass that, well, just wasn't needed. The T1 has more bass than an HD800 - it isn't as bright and anemic as some would make it out to be. It's just that it is tight and occasionally restrained. A solid tube amp putting power through the can should resolve this easily. With the T1.2, they took the fairly clean slate that the T1 was, added in more bass and "tamed" the highs. However, it just doesn't quite relate to the T1.1 anymore - not to mention the fact that it is harder to get rid of boosted bass than it is adding it. Also minus points for the grey pleather. They need to work with Fostex on getting their pleather game up. Either that or switch back to the lambskin.
Between the TH900 and T1, I'd say the T1's primary strengths extend from mids to highs. There's this wonderful upper-mid to high transition that the T1 absolutely revels in. Liquid highs that you could spend a day in. Imaging is top notch, soundstage is good. The upper-mid to high transition on the TH900 is unfortunately harsh. The highs are sparkly, but can be harsh and not as polite. But the bass on the TH900 is glorious. Not much else to say there. Owning the TH900 simply for the bass would be justified. I've got people telling me the Abyss is better, but I don't and most likely won't own one. Just too many things I can't handle w/ the can's design, etc. Detail and resolution wise, I sometimes feel the TH900 may in fact be better than the T1. I'll need to verify this w/ more critical listening.
This is a rather short comparison, I'll probably do a more detailed one in the near future w/ a proper review. I hope it'll at least steer you in the right direction.