I'm not sure if it is the v2 or the first version, but, by looking at headphile.com and the one on there, mine is a little different. On mine there is heatshrink going under the 1/4" plug not over it like in the picture. Also, mine is just heat shrinked around the senn plugs and not down an inch or so on the cable for whatever reason.
I traded with another head-fier for it so I am not sore when he bought it or what version it is. I am kinda dissapointed in the craftsmenship of it though. I mean it is not bad by anymeans, just little detail stuff. Mostly how the heatshrink is applied and there is adhesive from the heatshrink sticking out. Overall it is a good looking cable but I wouldn't pay the full price for one if they all look like this. I doubt they would considering all of the high praises Larry gets from all the members here about how detailed and how superb the overall quality of his products are.
The sound of the cable is great though. It brings the vocals and lower treble quite a bit more foreward and is very detailed. The sound is very fluent though, there is not a harsh note to be found. The bass is still incredible, articulated yet powerful. This is the best sound I've heard in a loooong time.