Should I swap my hard drives?

I recently received a Mid-2012 15 Inch Macbook Pro with a 2.3 GHz Intel Core i7 processor and a 500GB (Apple HHD Toshiba MK5065GSXF).

I currently own a Late-2008 13 Inch Macbook Pro with a 2 GHz Intel Core 2 Duo processor and a 1TB hard drive (ST1000LM024 HN-M101MBB).

I am going to keep the new machine and sell my old Macbook. My question is whether it would be possible to swap the hard drives between the two? If it is possible, would it be a wise decision?

I have very little data on the hard drives, so I am not concerned about losing anything if I were to do a swap. I am just not sure if the older but larger drive would be better than the newer but smaller drive. New Egg sells the 1TB drive for $65 and the 500GB drive for $233. This is making me think that the newer/smaller drive is the superior product.

Any opinions?