I have to say I agree with you about the looks of the V-Spec, I actually prefer the looks of the base model...IMHO the wheels and rear exhausts on the base model are far more pleasing to the eyes, but of course the V-Spec has a much clearer and more focused intention, definitely function over form with all things different to the base model R35.
What impresses me most with the many private owners dyno graphs I've seen to date on the base model R35 is the very minimal loss of engine power at the wheels, on average only 12-15%, which is an amazing figure for an AWD vehicle...