In a nutshell, from Wiki. Having never used the stuff, this is all I have for ya. I use Morton TenderQuick for all my curing needs, as it's all I can ever seem to find locally.
[h3]Prague Powder #1[/h3]
One of the most common curing salts. It is also called Insta Cure #1 or Pink curing salt #1. It contains 6.25%
sodium nitrite and 93.75% table salt.[sup]
[3][/sup] It is recommended for meats that require short cures and will be cooked and eaten relatively quickly. Sodium nitrite provides the characteristic flavor and red color associated with curing.
[h3]Prague Powder #2[/h3]
Also called Pink curing salt #2. It contains 6.25%
sodium nitrite, 4%
sodium nitrate, and 89.75% table salt.[sup]
[3][/sup] The sodium nitrate found in Prague powder #2 gradually breaks down over time into sodium nitrite, and by that time a
dry cured sausage is ready to be eaten, no sodium nitrate should be left.[sup]
[2][/sup] For this reason it is recommended for meats that require long (weeks to months) cures, like hard salami and country ham.