I don't know V1 but this version really is an excellent amp sim if you are looking for a simple but effective "pick up your guitar and play"-solution. Very good clean, crunch as well as high-gain sounds, natural, realistic sounding, amp-like reaction and behaviour. The switchable V30-cab sim is an additional advantage, although I personally prefer other IR's over a V30, nevertheless the V30 works very well with this kind of amp tones.
At higher gain settings you might need an additional noise gate, but this may also be necessary with other amp sims, the one from the same developer for example does the job very well without affecting the tone.
Simple but effective! Just like a good real tube amp.