Welcome. I don't know the difference between the two for sure, but I think the original quilt cut did not have the speed gague like the quilt cut 2 does. Instead of DVD's, the older version of the 2 and the original came with VHS instructions.
I remember it took up a good bit of room -- they both take the 18x24(or 26??) cutting mat and work best if you have room to keep them out all the time. My friend bought one and Craig's listed it because it ate too much space. It is a great way to cut accurate pieces, though.