The V2 is the model to get for both of these watches. They are both made by the same factory. The 359 has only recenlty been updated and is looking MUCH better. The crystal and bezel are a big improvement. Dial is also nicer. You'd be happy with either of them.
Personally I order from Angus at Puretime seeing he was involved with the development.
Sorry I should have been more clear. I stand to be corrected here but...
The Rep case needs to be machined to accept the genuine movement, we know this much. I believe the inner ring and/or decorative bezel must also be modified to accept the genuine inner ring as it's much larger.
Peter also makes killer straps. I have 3 now.
http://forums.timezone.com/index.php?t=msg&goto=5705656&rid=56354#msg_5705656
http://forums.timezone.com/index.php?t=msg&goto=5686795&rid=56354#msg_5686795
Lovely guy and killer straps!