The bagdad airport T72's are just standard 80's T72's afaik. As for their ammo, the state of their targetting equipment, their hit percentage we dont know.

There is a good chance that new T72 versions can handle the M1A1(with handle i mean taking it on in somewhat even terms)

I however am pretty sure that the M1A2 sep is a superior tank to the T72. In terms of actual combat. It very well might be that in a conventional war the latest t72's will prove to be superior though lower cost and faster production. (the t34 effect if you will)

Watched a program about challenger 2 the other night The Royal Scots
Regt the chaly 2 that lost its tracks and was nearly overrun by the Iraq republican guard, it took a direct hit from a TOW missile and several hits from a RPG had all its visors and radio antena shoot out and still survived to fight on, the crew all safe and well, that's what ya call a tank