Why is the T2 transistor used in Arduino Micro?
T1 and T2 implement a power supply ORing of the VUSB and VIN voltages. Read this for extended information.

The body diode of each MOSFET performs the basic ORing function. When the MOSFET is turned OFF it just behaves as a diode. But when the MOSFET is turned ON, the diode is shorted by the conduction channel, thus avoiding its voltage drop (and achieving a behaviour closer to an ideal diode). 

So:


When VUSB is present and VIN is not connected (but pulled down to ground by R9), T1 turns ON and the +5V rail is connected to VUSB. Also, T2 turns OFF and the regulator input is isolated from VIN and the regulator simply doesn't operate (thus, avoiding a potential conflict because its output +5V is being forced to VUSB).
When VUSB is not connected and VIN is present, T1 turns OFF and VUSB is isolated from the +5V rail. Also T2 turns ON and VIN is connected to the regulator input, which then regulates the voltage down into the +5V rail.
When both VUSB and VIN are connected, the behaviour is the same as in case 2 above. Because VIN is supposed to be >7V and VUSB approx 5V, T1 will isolate VUSB and avoid a conflict with the regulator output. Also, a VIN >7V will allow T2 to turn on hard enough to bypass the body diode and avoid its voltage drop.