V1:
The first one only has 128Mbit of RAM and you can't upgrade to 256Mbit. Furthermore the V1 has no OSD.
V2:
The second is often called the best one, because it is based on the V1 but has 256Mbit Ram installed and doesn't need a Freezemod like a V3.
V3:
The third was sold at a lower price. It has fewer electronic parts but it freezes due overheating. This problem can be solved though. See My Z64 V3 keeps freezing.
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The second problem is that the V3 was at first shipped with a faulty transistor. The faulty Q3 should have 9013 printed on it and the good one 9013 H. So you need to replace this one too.
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