The SE uses Madcatz parts. They're cheap, mushy, unresponsive, and they break within a week of purchase. The TE is a nicer case, heavier, comes with a JLF and sanwa buttons, and a longer cord that can be stored in a small compartment. Its definitely worth the price. There are more parts to mod it as well and its easier to work on. You can save money by buying an SE and modding it, but you'll still have to deal with the smaller and lighter case. There is no difference bewteen the Round 1 and Round 2 TE other than the art.