Here are the descriptions of the original and v2 Lifeslings from the
web-site of Binnacle.com (note the "multifilament polypropylene line"
in the original vs the "monofilament retrieval line" of v2):


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LIFESLING HARDPACK - WHITE
Item ID: 16006

Price: $229.95

The Lifesling is recommended by leading safety authorities
as the most comprehensive approach to rescuing a crew
member who has gone overboard. It consists of a specially
designed storage bag or rigid case, 150' of floating retrieval
line, and a flotation collar that will float your largest crew
member even with all their gear on.

To meet USCG requirements, you must use it on a sailboat
over 20' or a powerboat with a hoisting point at least 10'
above deck.

American made, USCG approved Type V device.
Highly visible and flexible collar has 21lbs of
buoyancy.
Bag holds lifesling and retrieval line ready to go.
Instructions for use are printed on bag.
Can be mounted on a flat surface or rails.
Multifilament polopropylene line pays out easily.
Measures 22"H x 15"W x 6"D.

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LIFESLING 2 SOFTPACK - WHITE
Item ID: 16010

Price: $109.95

We've taken one of the most successful lifesaving products
of the last decade and made it simpler so that we can offer
it at a very attractive price! Our new Lifesling 2 has just
been Coast Guard-approved and provides the basic
functionality of the original Lifesling including the ability to
1) provide flotation to a person in the water, 2) make
contact with them and 3) provide a means of lifting them
back on board. By simplifying our manufacturing methods,
eliminating some hardware, and using 125' of monofilament
retrieval line, the new Lifesling 2 can be offered at the best
price ever on any Lifesling. We recommend it for owners of
20'-30' powerboats and sailboats who want a
cost-effective system for recovering a victim from the
water. Includes a flexible flotation collar with 20 lb. of
buoyancy, 125' of floating retrieval line and a handy
storage bag. Measures 22''H x 12.5''W x 5''D. Note: This
USCG-approved Lifesling 2 is suitable for powerboats with a
lifting point 10' above the water, and sailboats over 20'
LOA.