Player 2 only has an advantage before the flop, player 1 has an advantage throughout the hand.

Player 2 could therefore only get value by getting lots of chips in before the flop.

I think that the key deciding factor maybe the size of the blinds in relation to the stacks. If the stacks were very deep I am sure that seeing the other players hand is more useful. Things change if player 2 could also know the turn and river.