The Herpstat basic doesn't have an internal clock (so no night drop functionality) lacks a safety relay, And humidity control abilities.
The Herpstat 1 is slightly safer because of the safety relay, but the proportional control circuit is the same in both models so 99% of the time there would be no difference between them.
The Herpstat basic cannot be used as a humidity controller
The Herpstat basic cannot drop temperatures at night (necessary for some types of reptiles, and some need it for breeding purposes)
The Herpstat basic has 1 less way of preventing a catastrophic thermostat failure.