It can be difficult to nail down the absolute sonic differences between pieces of gear without ending up using lots of hyperbolic adjectives, especially between two pieces of gear designed to do exactly the same job (especially when they are designed to transparently reduce dynamic range). The differences can be very subtle.
In general, the biggest difference for me between an 1176 and a 2254 is the time constants - attack and release times. The 1176 is world-renowned for its very fast attack time, meaning it's fantastic for controlling and taming peaks. It's especially good for snare drums as it can grab the initial attack and you can really change the transient character. On something like a vocal, the 1176 is a great workhorse for reducing dynamic range significantly - on many versions of it you can get up to 7-10dB of gain reduction without really hearing any artefacts. It can also release very quickly, meaning it can put out a very solid, controlled sound. At extreme settings, with a high input, the 1176 can get extremely aggressive and distort in a subjectively pleasant way. You'll hear it get used a lot on gritty rock vocals.
The original 2254 is a much less transparent limiter. The attack and release times are not constantly variable; instead, a choice of four options for each means it's not only less flexible than an 1176 but also the fastest times are nowhere near as fast. That means that the compressor is less well-suited to transient material - drums, percussion etc - and more suited for instruments with sustain. I love using 2254s on bass, piano, and sometimes vocals.
However, additional character differences are imbued by the choice of components used to achieve the gain reduction, and also to handle the input and output of the circuitry. Transformers vs transformerless, FET, optical, tube and vari-mu... they all have slightly different sounds and varying strengths and weaknesses.
Without getting into the circuitry design too much, you will find that a 2254 (at least, if it's true to the original) will be somewhat more 'sluggish' to react to your material, and therefore can be described as having a 'gluey' or 'squashy' character to it. An 1176, because of its time constants, could be described as 'aggressive', 'transparent' or 'gritty'.
It's difficult to really pin down the differences without using lots of different compressors and seeing for yourself what they do, but I hope that helps.