For me yes.
Is it worth it to upgrade your v1 . Def not

Is it worth the money? I've read the pieces can slip on your goggles. I don't have either version.

Worth thevmoney? U have to decide that.
For me yes.
I lost mine and ended up buying another one.

It's way too expensive . I mean an mp3 player like that should sell for ten bucks.
But since it's waterproof etc,...

Some people can swim for an hour and love it.
I'm not one of them.
But I can swim for an hour with these and that makes it worth every penny.
Masters groups are fun too.

I have the Swimp3 v2 and love it. I did not have the v1. I had the H2O Audio which didn't work great. Tried all the different ear buds but couldn't get it to stay in my ear and the audio quality wasn't good. The Swimp3 has really good audio clarity and definitely makes swimming more fun for me.

dont get one that has earbuds. they dont stay in.

They make a fit kit that you can purchase for around $20. If you email them about fit issues they will send you a discount code for it.