I purchased the Mizuno Wave Prophecy (First edition) & the Mizuno Wave Prophecy 2 and tried them on and walked around in them for a few days and this is what I noticed.

Prophecy 1's had crisscrossed bands on the outer surface of the shoe, located next to the joint where your pinky toe meets the ball of your foot.  I have thin feet, so my issue wasn't having too wide of a foot; after about 30 minutes of wearing the Prophecy 1's, I would begin to feel pain or a hot spot forming due to pressure preventing my feet from relaxing at that point.  Because I liked the shoe and other features about it much more, I thought I could get a shoe spreader to fix that, but I never ended up trying after receiving the Prophecy 2's, which removed that stitched band that made the toebox of the Prophecy 1's too tight.

One thing I did like about the Prophecy 1's over the Prophecy 2's was how your foot rolled forward naturally, as if you were falling forward as you run or walk.  This gave you a nice natural propelling motion forward that simply used your own body's momentum to keep you moving forward.  I checked the curve on the front of each shoe's sole and the Prophecy 1's & 2's are the same, but for some reason, I don't feel that feeling of being propelled forward in the Prophecy 2's.  It's tough to explain, but if you could imagine, as you are running someone pushes you forward as you roll off your toe, without having to feel that shoving motion, but just the forward propulsion, then you may understand why I thought that was a nice feature.  It definitely makes me not want to go back to a flat-bottom shoe.  I believe the Prophecy 2's absorb more impact near the ball of your foot, so you feel less rolling or falling forward.

As for the price, I bought the Prophecy 1's for about $145 on Amazon and the Prophecy 2's for about $175 and for the quality of the shoe and what it has to offer, I'd say neither shoe is worth more than $110-$120, definitely not the $179 & $199 prices, for the Prophecy 1 & Prophecy 2 respectively, that you find in stores today.

Another issue is the DynaFit insole provided with the Prophecy 2's, not on the arch, but more so on the bridge between my heal and ball of my foot, I feel a lot of pressure pushing up in that region of my foot and feels more and more uncomfortable as I wear it.  I did not notice that pain or concern with the Prophecy 1's.