honestly the first game was much better, anyway v-rally in europe and on the psx was v-rally 2 championship edition, on the n64 it was v-rally 2 99 edition and on pc and dreamcast was v-rally 2 expert edition. Of course as everyone might have guessed, worst version is the n64 one.
I do personally think that v-rally 2 is good for a casual race every now and then and probably is just worth getting it for playing around the track editor, but at the time it was literally blown away by it's main competitor which was colin mcrae rally 2, which was (to me) a real masterpiece in the world of rally games.
As for the sega rally 2, i think the game is on a league on it's own, surely it's not the arcade powerhouse but it's one of the funniest game one can play, and that's what matter, Actually the only complaint i have is the low resolution decals on the cars.
Different story with first episodes where v-rally 1 was more arcade than colin mcrae rally 1 but it was very good fun. No need to speak about the first sega rally as it's the legend itself xD