jsd,
1. How soon will the plans be out?
ASAP ;). We've finished the functioning design, and now we're slogging through the first draft of the instructions. We've signed up for a conference where we'll demo the project in August, so that's our hard deadline.
2. Will this be significantly easier to build (this is my first attempt at a project like this)?
Somewhat, but they're both pretty easy to build.
3. Will this be significantly cheaper (I am not rich)?
Definitely cheaper, but probably by no more than 10-20%.
4. Will this be significantly 'better'/more accurate/powerful/faster/whatever (I like those things)?
We're still testing, but I think v2 will be better mostly due to reduced part count and increased hackability.