This backpack is almost identical to the older version. I love my older StreetWalker but it was well-used and needed to be replaced. It’s such a great bag, I just upgraded to this one. However, if you can get a significant deal on the first model, have the older model already, or don’t need the new iPad pocket introduced in this model, you probably won’t notice much of a difference in the two models (V1 and V2.0). The dimensions are slightly different (v 2.0 is a little thicker and taller) which is the most significant change I can tell between the two.Both models are well worth the money.SUPPLEMENTAL, Jan 2023:After years of use, this is still my favorite bag. It works as well as it did the day I bought it, (and this bag has been through hell)!After having this bag for as long as I have now, I would definitely recommend the newer model (version two), because it is just slightly taller and so it will fit an actual medium to large tripod (if you break it down). My first bag was about 2 cm too short for the zipper to zip all the way, but the newer version zips up perfectly. They also reversed the paneling so you can actually fit your camera body inside the bag much easier than the first model.The above were the only issues I had with the first model, so I can say with confidence now that this is a perfect camera bag for my needs.Highly recommend.