yes correct and yes confusing but it goes like this the v1 meant the first 120 amp esc that hobbywing designed in hardware now the v3 esc is the version 2 of the same family of 120 amp esc so only 2 version have been created both being different to one another just the amp rating is the same only as the v3 esc uses a totally different mcu than the v2.1 which is know as the v1 unit .

confusing but you guys are smart enough to get your heads around it .