It's not entirely worthless, If you got it cheap enough to be worth it, Cobb will reset it for $395. But it would be hard to find a deal where you saved money on it.
Having owned a V1 and now a V2, obviously I'd say go with the newer one. The version 1 allows you to check and reset codes (code numbers only), only when the car is off. Other than mapping, that's it. It's also huge. And Cobb stopped supporting it the first of October, it looks like the maps are still available though.
The version 2 however, you can check codes and reset them on the freeway. You can clock your 1/4 mile time, 0-60, 60', monitor almost anything, and change idle presets and timing. If none of that appeals to you , buy the V2
355 awhp fp green six speed wagon in Corvette Atomic Orange