I must say that jenius did a great job to point out the difference between V1 and V2. V1 was amazing when it first came out 10 years ago, my jaw drops when I first seen the pictures because finally after 15 years there is someone really care about VF-1 and did a great toy out of it. Still remember the prototype pictures when it first came out?
The 2nd generation 1/48 VF-1 is much more superior in term of size, transformation and proportion.
Then last year we have the best VF-1 toy, V2 announced, and it's by far the best toy representative of VF-1 except size. It's far more superior than 1/48 with the latest technology put into it. Here are the comparison of 1/48 and V2.
http://www.yamato-toys.com/dev/cont_049/index.html