The V1E is basically a Z1 with CMOS chips instead of CCD and a x20 lens instead of a x12. Its also smaller, lighter and more portable than the Z1, but the effects, tricks and toys are much the same.
In good light CMOS chips give the V1 the edge in terms of resolution, but tend to be noisier in low light - the Z1 is definitely a better low-light performer.
As for 24p etc. - its something I've never used and never shall use. Its a video camera - why would you want to downgrade its ability to resolve motion just to be compatible with old, outdated movie technology ? - but thats just my opinion !