El Cap has always been my favorite tape delay (digital) pedal. V1 is a classic for a reason, and the V2 brings excellent improvements. First of all, the MIDI capabilities expand this pedal for those who want tons of presets available.
For us who like the simplicity and hands on approach, there's great improvements here too. Live editing mode makes secondary function settings much easier to set and recall (led blinks when your knobs are at the saved position). Spring knob is a great addition. Now it's super easy to add or remove reverb (this was a huge hassle for live gigs with V1) and you can even use V2 for spring reverb only - without adding any delay at all. That wasn't possible in V1.
Tonally, there seems to be a touch more fidelity thanks to the new ARM DSP chip with more processing power and premium analog JFET input circuit. El Cap is still the king of digital tape delay.