From my experience with the 775, I find the overall picture quality as below expectation.
I have not tried the V2, but I own an A40 and the A40 pic quality was much better than the 775.
Also, feature-wise, I think the 775 is also quite bad.
775 vs V2
1. Min shutter speed 1 sec vs 15 sec. Can't do night shots with 775
2. Max shutter 1/1000 sec vs 1/1500 sec.
3. Zoom: 3X vs 2X (775 better here)
4. Movie: yes (no audio) vs yes (with audio)
5. Macro focus range: 4 cm vs 10 cm (775 better here, I think)
IMO, I would not consider the 775 for just a couple of things - can't do night shots and overall low pic quality.
I don't own a 775, but my colleaugue does. We took our cameras out for a shoot-out and the 775 posted poor results. Alone without comparing, it looks ok. But once you put pics side-by-side taken together with other cameras, then you'll easily notice the difference. We had a Canon A40, Canon S40, Olympus C700UZ and the 775 for the tests. Overall, the Canons produced better pictures.
As for looks, I think the V2 looks nicer... doesn't it?