M-Spec gets softer ride (shocks are different) and leather seats.
It's rare, so there is collectors value there, but I actually like the suspension of the V-Spec. I feel it is great for the track, which is its main purpose.
I would go for V-Spec II.
This is taken from
Prospec website, loads of information and pictures there, an awesome site:
M-spec
The M-spec is an additional BNR34 GT-R model which has been on sale since May 8th, 2001.
It sports a set of new comfort-developed shocks (called "Ripple-Control"), leather trim, soft and fine grip steering wheel, and aluminium bonnet.
This car represents the luxury version of the GT-R with performance almost equal to the V-spec II.
A special colour has also been developed for this new model. It is called "Champagne-Gold"(Multi-Flex Colour) (#EY0).
Other colours in the line up besides the Champagne Gold (#EY0) include: Black Pearl Metallic (#GV1), Sparkling Silver (#WV2), and White Pearl (#QX1).
Because of the extensive time needed to complete the hand sewn leather trim interior, only a limited edition of 50 cars per month will be made.
V-spec II
The V-spec was replaced with the V-spec II on August 28th, 2000.
The original aluminium bonnet has been replaced by a carbon fibre item with NACA duct to aid engine cooling.
Furthermore the interior trim is now realised in black cloth and the rear brake discs are now slightly bigger (same as the N1 version).
Due to revision of the colour line-up, the following light colours are so far available: Bayside Blue (#TV2), White (#QM1), and White Pearl (#QX1). Silver and black are also available, but yellow and red are not available any more.
V-spec
The V-spec is the flagship model of the GT-R range.
To enhance the car's performance a modified active LSD controlled in conjunction by a viscous coupling (hence the term V-spec)is used.
To aid high speed stability and overall road handling stiffer suspension and aerodynamics parts were implemented.
Special front and rear Venturi style diffusers were developed, the rear one constructed entirely from carbon fibre.
100 BNR34 GT-R V-spec models have been imported to the UK officially through Middlehurst Motorsport in 2000.
Also more information on the
GTR site
Cheers,
Cem