the only difference in the 2011 version of the t2 is that it has a locking cable that extends out of the ratchet arm that can lock the bike through the frame of the bike.
the old t2, 916xt, had a lock cylinder that would lock the ratcheting arm down on top of the wheel. this worked great, but left a potential security breach - someone could remove the front wheel off the bike, take the frame, then get the loose front wheel and be gone with your ride.
the reviews you have heard about rust, etc are a possibility with any steel rack - and most racks are made of steel, except for the NV.
there hasn't been much talk in this thread about the Yakima Holdup
, which should definitely be on anyone's short list.
here is a comparison between the holdup and the t2
. keep in mind, the t2 being compared is the 916xt, not xtr....