The XviD/avi was based on the v2.  It is not a "v2" itself, because it wasn't created until after the HD version was released.  See the quote I'm going to put in the note above this one.

From UTWoots:

"EDIT: We’ve v2′d the episode with the following changes:

    New encode: the video should be slightly better, and the audio is now truly stereo.
    Typesetting: the color issues some of you were having should be fixed. Some signs have also been tweaked.
    Karaoke: Simple karaoke effects have been added.
    Script: a few lines have been tweaked for improvement.

As the v2 uses a new encode, there will be no patch. XviD will come soon and be based on the v2 version."

Well, that's quite a bit of v2, with the likelihood of a significantly better experience.  But plotwise, if you've watched the v1 you won't miss much by skipping the v2.

Everybody is doing a v2 this week, even groups that haven't done one almost ever.  I blame Euro2012, for no particular reason.  And here comes the Olympic v2's.