As far as I know, the L2 is simply an updated version
of the L1, with an improved algorithm. I've used them
both extensively, but have never had the opportunity
to do an A/B comparison. You may also want to check
out the Massey L2007 (if running Pro Tools) and the
Wave Arts FinalPlug. The WaveArts PowerSuite 5 is a
great collection of mixing and mastering tools which I
recently purchased and am now using frequently.
WaveArts and Massey Demos can be found here:
http://www.wavearts.com/PowerSuite5.html
http://www.masseyplugins.com/index_v2.html?page=home
-Ben
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