They are both wonderful for a lot of different reasons. TX (400) has a strait curve in the middle tones with a long slow shoulder in the highlights - this effectively reduces highlight contrast while giving the lower mid-tones and mid-tones "snap" - easy to print but highlight separation can suffer.
TXP (320) has a very very long toe - well into the mid tones that straitens out in the upper mids and highlights - it is exactly reverse of TX 400 giving you somewhat depressed mid tones and shadows with less contrast while separating highlights extremely well. This may make it harder for the beginning darkroom worker to expose-process and print well but when done "right" it has exceptional highlights. TXP also has smoother grain than TX400 - Try them out they are both fantastic but TXP will probably take more dialing in on your part to achieve what you are going for - that being said you can achieve very very different effects with TXP just based on where you place tonal values during exposure. I love TXP for some things like high key female portraits where I am placing a lot of the skin tones in VII VIII and even IX. In high key work TXP can be made to behave like a much slower film due to it's highlight separation.
RB
This is PXP but I did a side by side comparison of the same exact scene after having known both films for a long time and you cannot tell one print from the other. I don't have a scan handy for the TXP of the same scene but like I said the prints are identical - Highlight rendering with TX400 would be substantially different in this case.