I've got both, and I love them both. The XT is a bit more versatile, and in some aspects more realistic, but the v2 still has a few models that can't be found on the XT. Especially the Soldano X88R preamp, and the modded JCM800 models. The XT has more and better effects, except the auto swell. The v2 seems to work better with real amps for playing live than the XT, but the XT is still great for that as well. If I could only have one, I would choose the XT, but it's great having both :D .