I have both, V1 and V2. V2 in 10m, V1 in an 8m and V2 in 4m. My old V1 10m of gone. The V2 turns a little quicker and there are upgrades to the construction. Bigger valves for easy deflation, duel rear line attachment. Continuous leading edge. Front line adjustment points (see Ozone videos). I fly the 10m from about 8 knots for foiling but I'm not sure I can relaunch from the water in 8 knots.

Don't forget, the new Catalyst is pretty much the V1 Alpha.