I have the Blu-Ray of T2, as well as the DVD version.  I loaded both up, Blu-Ray on my PS3, and the DVD on my up-converting DVD player.  I watched several scenes back to back to see the difference.  Blu-Ray is hands down the winner.  Far far more detail, better color, and uncompressed soundtracks (although I had a hard time hearing the difference, that may be because of my home theater receiver, though).