V&V was written by Jack Herman and Jeff Dee. Jeff Dee got his start on D&D doing some of the classic module art and book art for the 1st edition game. So the game has some obvious D&D roots.
V&V was unique at the time (and still somewhat) in that in the game you play yourself. You work out with the other players what your strength, endurance, intelligence and the rest are and then you roll randomly on a table of super powers. It's a very interesting and fun concept that we completely ignored. Back in the day we liked playing a "multi-verse" so our V&V characters were our D&D characters in a supers universe. The stats were the mostly the same and both games had levels. Plus it gave us excuses to have strengths of 50 or more (human max is 18). I remember it being a very good time.
As typical of many old school games there are lots of random rolls, charts and a fair amount of math involved. I went back recently to make a character and was thrilled to see that Monkey House Games had an Excel character sheet. The math isn't hard really, but Excel is still faster. Though such things have been around for a long time even with the older edition.
Powers are list by type. So Power Blast is just a blast of some sort of power. It could be Superman's heat vision, Iron Man's repulsors, or even Zatanna's magical blast. What is interesting is the combat matrix of powers vs. defenses and how they interact. Again, the D&D DNA is here since it reminds me of the Psionic Powers Attacks vs Defenses in 1st Ed AD&D.
There is a V&V campaign world as well. It is loosely defined in the core books, but much greater detail is given in the supplements. It is also one of the few Supers games I can recall where the characters were working for the government at some level.
There are a couple of great sections on Being a Superhero and Gamemastering that work great with any supers RPG.
IF you like old school RPGs and want to get into a supers game that feels like those, then this is a great choice. The price is low and there are plenty of places on the web that support either version of the game with materials, character write-ups and community.
What sets this apart from the earlier 2nd edition is newer are and generally cleaned up text. Monkey House also has a number of support documents on their website for free.
[5 of 5 Stars!]