This is a significant downgrade from v1 unless you are a fan of only using built-in obnoxious LED effects. I don't see any good reason why you'd want to buy this if you already have a working v1 board. If you have a broken v1, you're better off finding another used v1 or buying a different keyboard.
The new firmware these boards use is a downgrade despite Drop advertising it as an improvement:
• No edge LED control separate from key LEDs
• Less keybind options, more restrictive layering
• No per-key LED control at all (confirmed by support). Your options are only what's built into the keyboard. A solid uniform color or one of the predefined patterns/effects.
• Web configurator unsupported in favor of another Windows program, which is silly when QMK/VIA/Vial manage to do everything web-based
• Supports VIA and Vial, but it is not obvious how to flash back to stock/QMK without research outside of Drop.com
• Hardware reset/DFU button removed
• USB-C passthrough issues
• LEDs still fail to show pure white, appear the same as v1 PCBA
• Manufactured by/shipped from Corsair, who I've never known to make quality keyboards.
Apk07While I agree there is some functionality loss with the ability to do discreet per key LED settings, this firmware does adhere to QMK and all the various animations developed over the years.
I like the discreet LED controls as well. However, in order to gain access to the new QMK animations we had to remove the per key LED feature. This is still something we'd love to bring to all our boards but it is a much longer term project.
Regarding your other concerns -
Fn + Q should give you control to toggle between edge / per key etc
You can check full control on the configurator to get more free-form with your layer controls.
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The hardware reset button was moved to underneath the spacebar for easy access