Picture quality is equal between the two with any half decent editing program.
Photography does not work that way. Quality originates at the lens and sensor.
It may be a true statement that both cameras have sufficient quality for the user's needs, but it is not true that post-processing makes all cameras equal.
I have the GoPro 1 and 2, and while the 2 has much better low light quality, it eats batteries quite a bit faster, which you WILL notice on the mountain. A simple test I did shows that just powered on in standby, the GoPro1 drains a battery in 3h50m, while the GoPro2 only lasts 2h50m (I used the same battery in each test, and both cameras ship with the same battery). Obviously both of those numbers shrink a lot if you are recording. For most of the day (i.e. not right at sunset), unless you are riding deep in trees, the GoPro1 is probably good enough on its quality related to the lighting... and it is also a LOT cheaper right now. After our last time on the mountain with the GoPro2 dying on us way too soon, we decided to use it only for SCUBA from now on, and use the GoPro1 for snowboarding.