The Racer 2 brought with it so many real improvements over the original "Red" Racer, it's worth mentioning them again.
1. New style stock coil, still 11x7", but in the Fors Core/Relic style moulding.
2. Tone Break
3. Iron Audio
4. iSat in the all-metal mode, for a very smooth threshold, which does surprisingly well on gold for a 14 kHz machine (not going to pick up flakes like the Gold Racer or Au Gold), but bigger bits no problem.
5. Notch filter - for times when pull tabs really test your patience
6. Expanded conductivity range.
The old range was 1-40 ferrous, the Racer 2 only uses 1-10 for Ferrous, leaving a much bigger range for conductive targets. This basically provides more "spread" between conductive targets, and allows for finer tuning of disc and notch.
7. 2.4 Ghz wireless headphones (optional) as opposed to Bluetooth on the red racer.
At the new low price, the Racer 2 is probably more in competition with the X-Terra 705, with the Makro Kruzer at $925 going head-to-head with the Equinox 600 and Garrett AT's.