While V2 seems to have a lot going for it, I am still using V1 mainly because it can be used as a menu only app.

Unless I'm missing something, V2 prefs cannot choose to run the app from either the Dock or the Menu - just both.

Also, the Call or SMS Centres can't be reached via the Dock or Menu - only with the app's menu, which has to be frontmost - not so handy.

...... and for me, the signal/battery/provider info in the menu is preferable to graphics around the icon.