There's a 3 page thread on this in the Radio Forums.
Just stand back and watch the comments fly.

http://www.rcuniverse.com/forum/m_1802229/tm.htm

At the end of it all, Fly what mode you feel more comfortable. Also need to fly what mode somebody is happy to train you on. I didn't know there was a mode 2 until after I learnt to fly. At my club the vast majority of the flyers and instructors were mode 1 so I didn't get much choice.