I think the 1505 is a bit more aggressive in the upper mids than the 1203 when both are in "grindy" mode, but it's cut from the same cloth, so to speak. With the midrange smoothed on both, I think they are probably more similar in the midrange region. The 1203 of course goes a bit higher, 12 kHz vs about 8 kHz (those claims take beaming into account... both midrange manufacturers' published [on-axis] curves go to 20 kHz, and that's what they claim).
Part of the 4 string/5 string thing probably goes back to the low end. The little 1203 actually has a slightly louder low-B, relative to the rest of the spectrum, -3.2 dB at 62 Hz vs -4.0 dB for the 1505. That being said, most people who own one and have heard both have said that the 1505 (or 1533) has a "bigger" low end. That's how it sounds to me too, but I can't readily explain it. The shape of the curves in the low end is a little bit different, but not by much. Maybe it's just a difference that the bigger cone makes, and it doesn't show up in a graph.
i'm sorta more interested in how the mids/highs sound in comparison to the tc112v1.
also, it is possible that the sense of there being more low end comes from a larger cabinet interior holding the low notes more/longer. mssr no static and i felt this was a possibility when comparing a few cabinets the other day.