I own both a TC-1 and a GR1s, and the Minolta is far-and-away my favourite compact ever. It is built like a jewel: beautiful titanium that feels like it should last a nuclear winter. The controls are some of the best and most intuitive I've ever used: everything controlled from the large circular dial and rocker-switch with are perfectly placed. The lense is spectacular (better than the GR1 IMO), and having the manual rockers for the (fully round) apertures gives great control and wonderful f3.5 bokeh.
There are, however, a few areas (some mentioned by muf) where the GR1 is bests the TC-1. The first, is price and availability. I bought my TC-1 new, but second hand, they are still much, much, much more expensive than even the best GR-1s. The reverse-wind of the GR also gives much peace-of-mind, and the 'snap' function means you can shoot from the hip much more confidently than the TC-1. The form is more convenient (it is long and thin as opposed to short and wide), and the lense is also slightly faster at 2.8.
However, IMO, the main problem with the GR1 in isolation is that it is probably the noisiest camera in the world - I've almost been lamped using it for street-shots. Not adviseable...
If you can find one in good knick and at a good price, you will not be disappointed by the TC-1. I second muf in that IMO it is the greatest point-and-shoot ever made. However, I don't think you'd be disappointed with the GR - as long as you don't ever handle the Minolta 😀
