GTK2 is newer and look a whole lot better
Some of the differences are better theming support, GTK2 renders using Cairo which is a vector library although at this stage I believe it's marginally slower. Not sure about the final release but when they were testing it there was a speed decrease. They may have resolved that issue though, I'm not entirely sure. GTK2 supports more widgets out of the box.
If you used a lighter theme with no pixmaps and no exotic render engines then you could probably get it to be a bit snappier but (this is subjective) comparing Arch Linux packages, GTK1 is a measly 1.7MB compared to GTK2 which is 5.7MB, there is clearly a lot more stuff in there which wouldn't contribute to speed.