Yes, CtrlP is faster and easier to install because it's just a vimscript. It also supports all of Command-T's functionality, so it's pretty much just great.
Hey, what agscala says below is absolutely right. I tried it, but honestly, Sublime Text 2 is far superior. Even my Vim-core colleague to my right agrees. And thats saying something!
Edit: Scrap that, rush-read - CntrlP doesn't beat Sublime's Apple+P. Honestly, try it and you'll see what I mean.
I've found Command-T slows way down on large trees, causing a very noticeable interruption in my "flow" when I use it. Also, it's written in ruby which can be a bit more painful to get started with if your distro doesn't compile ruby support into vim by default.
Do you find that it slows down only the first time you use it within an editing session, or everytime you use it? If only the first time, I've got a fork which caches the files to disk, so that you don't hit that slowdown very often. The downside is that when you add new files, you have to bust that cache.
https://github.com/kien/ctrlp.vim