Here's a picture of a Tracer VP and a Tracer 2 (frame only). Look a the rear triangle and you can see it is completely redesigned and quite a bit beefier. This added a noticeable amount of stiffness and strength to the rear end and the T2 has 5.75"/6.25" travel settings vs. the TVP 5.5"/6.0". The downtube is also a bit fatter and slightly curved at the BB.
The feedback I've heard is they both feel very similar from a cruising position but you can definitely feel the stiffer T2 when cranking down. The T2 also has G1 dropouts which gives you more flexibility in your setup.
Tracer VP was 2009-2010 and the T2 took over in 2011 to present.
The yellow one is the newer designed Tracer 2
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Thread: Photo test