Performance wise it is faster. In practical terms though you'd only see an advantage running on PPC machines. For a 68k like your SE/30 there's no pressing reason to upgrade.
The V1's simplicity comes at a cost: it runs the bluepill out of spec. The V2 (or Androda's F1/F4 BlueSCSI) do not suffer that issue, they should have a much longer lifespan. They are, however, less DIY friendly than the original, and I wouldn't plan to build your own unless you're really comfortable working with small SMD components.