The 401 kit has 1/2" shanks
The 402 kit has 1/4" shanks
Both kits have 7 bits with the exact same cutting profile.
Look at bit 1058 in the 401 kit: it has a 1/2" shank and a 1/4" straight cutting area
Look at bit 1013 in the 402 kit: it has a 1/4" shank and a 1/4" straight cutting area
These two bits will yield the exact same cut.
Look at bit 1067 in the 401 kit: it has a 1/2" shank and a 1/2" straight cutting area
Look at bit 1026 in the 402 kit: it has a 1/4" shank and a 1/2" straight cutting area
These two bits will yield the exact same cut.
Here's why I'd go with 1/2" shanks:
1) As TOK mentioned the largest bits only come with 1/2" shanks. This is because a 2" bit with a 1/4" shank would be much more susceptible to breaking than a 2" bit with a 1/2" shank.
2) You may never break a shaft or notice lower vibration, but it is even less likely with 1/2" bits.
3) They cost about the same.
If you have 1/4" bits, keep using them!