Thanks for the link. I downloaded one of the sample files (27mm 1/60thf11 @360ISO of a building) and scrutinized – soft and noisy with noticeable colour noise. I compared to similar shots on hand:
Panasonic TS-1 point & shoot @ 400ISO – the V2 is less artifacty, otherwise not dissimilar.
D300 @ 400ISO interpolated from 12mp up to 14mp – the D300 shot is much sharper and less noisy, with colour noise absent – chalk and cheese.
1V1 @ 200ISO with 10-100 power zoom, interpolated up to 14mp – not much different; the V2 has less jpeg artifact on edges, but similar detail and noise.
Panny GH1 (4/3rds) @100ISO interpolated from 12 to 14mp – similar sharpness and detail, slightly less noise in GH1 (but note slower ISO);
35mm Velvia 4000dpi scan – the V2 is sharper with less noise;
6x9cm Velvia lab scan – scan has sharper detail and less noise, but scanner noise is not a lot less than V2’s noise.
Pentax K20D @ 200ISO (14mp) – the Pentax is far smoother and more detailed, with no noise.
Kodak SLR/n @ 160ISO (14mp) – SLR/n far sharper with no noise, but coloured artifacts in fine details. However, those fine details are barely recorded in the V2 at all.
Kodak SLR/n @ 400ISO (14mp) – SLR/n has far more colour noise than V2, and ‘water-colour’ effect to fine textured detail which is much less (but still visible) on the V2 image. Luminance noise about the same. The SLR/n image is much harsher, sharper but rougher looking, without the soft, fuzzy look of the V2 image. I’d say the V2 image would look nicer in print. Just guessing, but different post-processing of both images may make for quite similar results. (This longer assessment refers back to another discussion on this forum about the V2 compared to old cameras.)
Olympus E520 @ 400ISO (10mp interpolated to 14mp) – the V2 has better detail and noise.
Olympus E520 @ 100ISO (10mp interpolated to 14mp) – the E520 has better detail and noise.
Nikon 1Dx (5.9mp) interpolated to 14mp, unknown ISO but probably low – D1x and V2 have similar levels of detail but D1x much less noise and no colour noise.
Nikon D200 @ 400ISO 10mp interpolated to 14mp – D200 is noticeably more finely detailed and with finer-textured and more homogeneous, but otherwise similar, noise. A clearly superior image at the same or slightly higher ISO setting than the V2.
Olympus E30 @ 800ISO, 12mp interpolated to 14mp – very similar in sharpness, detail and noise, with the edge, if pressed, going to the Oly.
Ricoh Caplio GX100 @ 200ISO, interpolated to 14mp – the V2 is less noisy and slightly sharper.
Sony NEX-7 @ 400ISO (jpeg), 24mp downsized to 14mp – the NEX-7 has much finer detail and no noise. The watercolour noise reduction artifacts are eliminated in the downsizing.
Sony NEX-7 @ 1600ISO (jpeg), downsized to 14mp – not dissimilar to V2; the Nex image is rougher due to watercolour effect, and the grain is slightly blotchier. I’d guess the V2 image might print better, but there’s not much in it.
Canon 5D Mk II @ 1600ISO, 21mp downsized to 14mp – the 5D2 has embarrassingly finer detail and no noise.
Canon 5D MkII @ 2000ISO, not downsized - the 5D2 has finer detail and much less noise, even at its larger size.
Canon 5D MkII @ 6400ISO, downsized to 14mp – the V2 @ 320ISO has slightly better detail and noise levels, but file appearance generally similar.
I did this work as part of my quality control – it is the responsibility of every pro photographer to make sure s/he is using the best available tools for the job, and this research takes time. Uploading to the forum was a quick and simple matter.
This only compares one image, so is obviously not definitive.
I don’t own copyright to the V2 image, so can’t post comparisons – see the link.