I can't say about V1.0 as I haven't owned it. I only had Colorado and V2.0 beats V1.0 hands down, although V1 is also nice. Grand Canyon in MSE 2.0 is really good. When I purchased MSE 2.0 Arizona, I did a quick comparison to OZx Grand Canyon and IMO MSE2.0 was better texture wise.
Here are few quite large screenshot crops (I have 6080x1080 triple screen, so some cropping is needed for forums to get aspect ratio to reasonable levels) from the area of Monument Valley and Mexican Hat. I am not sure if there is some certain area in Monument Valley you'd like to see and as I'm not from USA, I'am not that aware of the "must see" locations of MV. About the Mexican Hat, of course the rock itself isn't there as recognizable land mark as you would need some helluva mesh for it and best option would be to create it as an object, not as scenery contour. Same goes with these other steep rock formations and in the end it comes to the mesh resolution how good they look with even the best photogen available. I use FSGenesis and results are here. I also use Prepar3D, but that shouldn't make any difference here compared to FSX. REX realtime weather wasn't enabled for the screenies. LOD radius is 6.5 although devs recommend even 7 or 8.
First two are around the Mexican Hat. In the third one you can see the state line to Arizona. Distinctive borders are quite typical for large area photogens. After all, source material is handled by different cameras, different photographers taking pictures at different time of day, weather and season. Devs handle really good the alterations inside the one state, but you can expect larger differences in the borders. Equalizing the contrast for the whole continent would be enormous task.
All I can say, that the more I fly in the MSE 2.0, the better it feels. Some time ago I wasn't interested in large photogens at all and only one I cared were MegaSceneryX stuff, which have more autogen, but represent smaller areas (SoCal is largest). Then I tried BlueSkyScenery and saw the benefits. Now I use both "regular" autogen scenery and photogens happily. Both have benefits over each other as well as deficiencies. The unrepetitive nature of photogen scenery and realism of the photograph based textures are strong points for any photogen.