The settings are the same.
WAP 1.2.1 isn't as nice as 2.0. For example, lets say you go to wap.ebay.com on a 1.2.1 phone. You'll see EBAY in big black letters. If you do the same thing on a 2.0 phone, then you'll see EBAY in big colorful letters. The same goes for hofo. Basically, the wap 2.0 pages look better than the 1.2.1 pages because they ahve things like added color.