I don't own a Led-Lenser V1, but from what I have read at The LED Museum, here are some of the key differences:
The Arc AAA has a HA finish and it runs on common AAA batteries. From the screen shot it looks like the LLV1 beam is better defined than the AAA, probably because of the lens [the ARC AAA does not have a lens]. ARC AAA is water resistant, LLV1 is not. ARC AAA is a twisty, LLV1 has a button.
Arc AAA LE is more expensive [around $35 give or take a few].
Maybe someone who owns both can give you a better analysis.