To be honest, I dislike the light in V, the only character that I see a real evolution (What I mean by that is a different approach to what was done before, with quality.) Is HIlde, V orchestra is pretty poor too, the execution is worse than what was in IV, the music is generic. :( I am sorry but is just how I feel.
Let me put this way, characters in V, for the most of them, are shallow concepts, literal interpretations of "pop" culture. Don't get me wrong, there are some nice pieces, mostly in the 2P department. I will give you three examples:
Ivy 2p IV VS V. Ivy 2P was a very dramatic, yet unique expression of her composure and mourning, the black and grey allayed with the symmetrical interpretations of flowers, made the sensitivity of the design look more composed, fitting the character. V, in a shallow interpretation of Ivy, is a seductive body suit....that shines....maybe if you only knew how she looked you would find it fitting for Ivy.
Raphael 1P IV VS 1P V, Raphael wears a fine set of frilly, yet elegant dark garbs, the use of chains and lack of color builds his personality and his "reborn" appearance, making him look more of a vampire. While his 1P in V is just a shameless copy with few upgrades, while is not bad, I see as a step back on his character.
Cassandra 2P IV VS Pyrrha 1P, Cassandra 2P actually was nice use of her old 1P concepts, it allowed free movement, the colors were nicely fitting, and was something somewhat an evolution of her SCIII 1P. Pyrrha is wearing, what I suppose to be a more "calm" "modest" cute of Cassandra 1P,