Did some research on my own, and here's what I'm seeing...

Generally speaking, the concensus seems to be that the PV2 is louder inside the cabin and out. There are some who say it is quieter inside or out too, but there are enough people who had the PV1 who say the PV2 is pretty loud that it must be louder than that PV1 they were used to. Placement seems to matter a little in that regard. Everyone says that the sound mellows out after a while so you have to give it a chance to do that. My understanding it that the PV2 is significantly smaller, somewhat lighter, and flows better. You'll probably want the Dynomat mod once you get it. I've heard both - VX1 has the PV1 and Skullcap has the PV2. To me, the PV2 is definitely louder and sounds more aggressive, but both sound great and if you have sensitive ears you may want the PV1. Neither struck me as the least bit ricey.