Hope this helps... I currently own an LP2. It was just a matter of situation wherein the LPs in a shop where I purchased my LP2 has gone out of stock. My friend who has an LP (rouge), convinced me to buy a V-Moda headphone. We compared my LP2 with his LP. Here are my thoughts:
The LP2 has lesser bass than the LP, which makes the mids and highs more clearer. Don't get me wrong here, they are still a bass-oriented headphone, and I really mean that the bass is still powerful. Aside from the improved SQ in the LP2, the extra $90 that you spend also adds to the spare gunmetal shields in the package.