MACUPJK I *think* that version 2 is better. If I recall, version 2 had an "auto" preset feature where iWow would see the genre of the music you're playing, and automatically load the sound profile/preset that best matches that genre. This seems to be gone in 3? Also, if you install 3, even after you uninstall it, you cannot reinstall 2. The installer keeps saying you have a newer version on your drive (even though you uninstalled it).
So if you're unsure. Don't install this. I just paid $10 for the upgrade. It sounds basically as good, but I'm really bummed at the loss of the auto preset feature.
(Version 3.0.0.255)