Nanderson,
I too was in the same position as you a couple of weeks ago and emailed Shunyata and received an answer back from Grant Samuelson of Shunyata on the differences between the two.
"The main difference is the silver and rhodium plating materrials that are used on the contacts of the v2. The sonic differences are that the v2 will sound less romantic, more pitch differentiated in the bass and have a bit
more sparkle and percieced frequency extension in the top octaves.
If your system is a little lean, solid state/digital I would opt for the v1. If you would like the ultimate in impact and an ultra transparent sound, the v2 fits the bill nicely. I see the v2 as being "slightly" better in an overall sense, but the differences in their performance are notable and may fit one system better than another."
I also was considering the new Powersnake Python and posed the question to Grant as well and here is his response:
" The Python will offer a better sense of speed, pace and dynamic power, while the King Cobra v1 will bring spatial and ambient cues to the fore more readily and have a more holographic presentation of images in space. The Python is more linear and neutral tonally, while the King Cobra v1 leans toward the richer, full bodied side of neutrality. Personally, I could live with either, but you may have a preference based on your system and listening bias."
So for now, I have found a King Cobra V1 at a good price and have purchased a Python as well to compare. I may consider the KC V2 at a later date, but from what Grant stated, I think the KC V1 will better match my system.
Good luck.