Does the v2 bit refer to "Mark II"? or am I way out of date.

v2.0b3 refers to the player firmware version 2.0 beta 3.

There is a 2.0b3 release for both the Mk1 and the Mk2 players. Why don't you take a stroll through the FAQ at http://www.riocar.org for a while, then get back to us?