DRF,
software-wise V-Collection2 is the same as V-Collection1 with all the new updates.
V-Collection included MgModularV2, MiniMgV, ARP2600V, CS-80V, Prophet V and Jupiter-8V.
V-Collection2 includes MgModularV2.5, MiniMgV2, ARP2600V2, CS-80V2, Prophet V2 and Jupiter-8V2, all available as free updates to registered users.
The only other difference is that V-Collection came on 6 individual CDs in the box, whereas V-Collection2 comes on a single DVD, with added bonus content, such as 2-week trial versions of Brass2 and Analog Factory 2.5, product info and videos of Origin, etc.