I watched a few videos of magic carpet 1 and two and I was wondering if I should wait for them to put up two and get that or if I should just go ahead and get this version of the game.

Why not purchase both *nodge Nudge :D :D
One off here, get the other off ebay or something and reconfigure the configurables and shortcut to allow MC2 to play.
Hell i'm already playing number 2 on dosbox and have purchased MC1 from here and their both good :D

well now I got MC2 but I was wondering what is the difference between the two :3?

They are pretty much identical apart from the level design and features like spells and monsters. MC1 doesn't have the night mode or underground mode either. But the graphics engine is identical.

I own both. I can't put my finger on it why, but I've always enjoyed MC1 much more than MC2. I don't know why, maybe they had just used more imagination in MC1 level/mission design, or maybe it was because MC2 was partly underground, which didn't feel like "free flying.".

This is now my third or fourth playthrough of MC1 (actually MC Plus), but MC2 I've played through only once. Maybe I should try MC2 again in order to remember what was it that was bugging me in it.