Essentially you are paying $200 more for an ARF bracelet and the promise of the whole watch being 904L steel. A promise that was made for the previous iterations, and a promise that has serious claims of untruthfulness...
I bought a v2s not because it was 904L but because the features in which still surpasses its competitors by that time appealed more to me (crystal/cyclops, SEL fitting, use of an ETA clone, etc). I was pissed off to find that probably it wasn't 904L (I'm sorry but I also don't believe 100% the claims of it being 314L). But I can 100% tell you that the kind of steel was not in that equation. I don't give a damn whether they use the steel that Rolex uses in their watches, or the steel that Patek and Audemars use in theirs, instead.
But I do give a damn once I see they could have sold the watch for $288, oh yes I do.