OwnerCS and I both bought our wheels on eBay, (LX470 1998-2002 STEERING WHEEL OE CLASSIC WOOD BEIGE V2 for LEXUS). I bought the wheel with the V2 in the title. It came perforated, OwnerCS bought his without the V2 and it is NOT perforated. I can only assume the V2 indicates perforation.
I just unpacked mine. Looks like the difference between the V2 is it has perforated leather. Which I like because it matches the original. Wood and color are the same as the others.