There are better units than the VP550P available in it's price range, depending on where you are. Obviously, these are not units that will be used in the US since they are 220v only, but considering they are noisy, have no MOVs and have only 60% efficiency at idle or low load (40w or less) conditions, probably not the best choice out there. Not the worst either. At least they are unlikely to start any fires.
I don't see any reviews on the v2 version though, so can't comment on that, but most of these are being sold in the Indian and other low infrastructure areas, so it's doubtful that newer versions have made their way there yet.