The bigger HTM1 has the larger 8" woofers. They appear to also have larger surrounds and I think will allow more travel before peak. It also has quite a bit more power handling (500W versus the 200W of the smaller HTM2).
From analysis of these speakers, the smaller HTM2 has drivers that match exactly to the 804D3. The bigger HTM1 is driver matched to the 802D3. I know there was a significant crossover improvement between the 804D3 and the larger models. There could be a crossover improvement on this bigger HTM1 as well (just a theory).