Both the "New" teams inveriably failed, neither posessing the qualities that made the original Alpha Flight so potent. However, they still had their charms.
V2 was about the mutant aspect of the Marvel world, with appealing characters like Flex, Murmur, Radius, Ghost Girl. It also showcased the original members that I really liked; Puck, by far the coolest mutha facka outta Canada ever, and Heather "Vindicator" Hudson, the heart of Alpha Flight, as well as a little bit of Madison Jefferies. The story line was pretty much about the evil of Department H, and I think it came to a good resolution with Huxley (Bad Man!!) gettin the hell outta dodge, Gentry (Good Man) taking over Department H, and the two teams workign together to stop the evil fruition of H's machinations, the third WEAPON X!!!!
V3 was... well, not nearly as thought out. It ended before any sort of REAL resolution could be established, all they did was hit the reset button and bring the old team back, and maed no sense at the same time. There were some appealing characters; Puck 2, Major Mappleleaf, Cenntennial, most created for comedic value, but with potential for crossovers.
In the end, my favorite was V2, it was just plain shinier. How about you?