From my research, it is not too difficult to get a entry level HR/LR job if you go to either of these programs. The big difference is landing a "decent" paying entry level job. My friend who graduated from the MIR program told me that "big" companies and government agencies recruit from Queen's. The starting salary for many of the positions is very high. However, there are only a few vacancies available. Apparently, if you have prior experience, you'll have a very good chance of getting one of these jobs. Since my friend had zero work experience he was not able to get a position through the University. As a result, he had to apply externally through various job boards. In the end, he did find an entry level HR job, but the starting salary was very low compared to some of his other classmates.
For UofT, I'm guessing someone with little work experience would benefit from the 2 year program. The reason is because they offer summer internship. From what I heard, there are many "big" companies that hire students and there many positions available. Companies are more willing to hire interns because it is cheaper for them and they only need to commit to 3-4 months. The real benefit for students is that once they graduate, they'll already have 3-4 months of solid work experience vs many Queen's students who will still have zero work experience once they graduate. Also, some students who completed the internship program get hired back from the same company.