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As stated, security is the same. The model T lets you enter the optional password on the Trezor itself. For sure that feels way less creepy, but I assume its cumbersome with its flip-phone type keyboard. (I have Model One)
Also remember even if the password were somehow leaked it would not by itself compromise your coin.
Its true a Trezor is hackable if you can steal the device and posses expert knowledge and tools. However you would have to also get the password, and this is why the Trezor is only truly physically secure if you use passwords.
I bought two Trezors in case my house burns down and my recovery seeds with it. The second one is a mirror image since it used the same seeds.
I feel quite comfortable leaving that second Trezor laying around in different remote places because even if it is taken apart and hacked its useless with my secret password. And I made sure my secret password has enough entropy and not in any crack dictionary.