Still using Storm 1 but did have the opportunity to use a Storm 2 for awhile. You can backup with the Desktop Manager from 1 to 2 your contacts, browser bookmarks,sounds, etc. Your third party apps will have to be downloaded again and you will have to register your new PIN with their vendors.
As far as performance, the memory and wifi are an improvement and the screen has a little different feel when typing, I will describe it as "crisp".
All in all the Storm 2 is a nice upgrade but not worth the cost unless you just have to have it. Awhile back VZW had a super secret upgrade for some (threw names in a hat looked like) and allot of folks upgraded but allot were left out.
You can always use their thirty day guarantee and try it for yourself. And if you haven't done it yet install the .419 OS on your Storm 1 it does greatly improve the device.
Just one guys opinion..........................