From today's (?)...well, someday's Wizards.com, Q&A:
Q: What is the difference between Type 1 and Type 2 tournaments? --Archangel
A: First, let's clarify what we're talking about. “Type 1” is the old name for the Vintage format. “Type 2” is the old name for the Standard format. And while we're at it, “Type 1.5” is now known as Legacy. And of course, there's the “Extended” format... known as, well, Extended. Or sometimes "Type 1.X".
The difference in all constructed formats is what sets are legal and what specific cards (if any) are banned. The list of banned cards is right here. Vintage also has a “restricted” list—cards that are allowed but limited to one per deck (or sideboard). The sets that are legal in Standard are the Eighth Edition, Mirrodin block (MIR, DST, 5DN), and Kamigawa block (CHK, BOK). The sets that are legal in Vintage are… all of them… and the promotional cards (like Nalathni Dragon and Mana Crypt—Mana Crypt is restricted though). And since the card pool defines what's possible in a format, the Standard and Vintage experiences themselves are going to vary along with the card pool.
This is obviously the most savage description of Vintage and Standard. Man, I love the "experiences will vary part." I can only see this poor individual going into a Vintage tournament somewhere and finding the experience a bit different...
