v2 versus v1?

A number of broad ICC profiles ship with Creative Suite and its constituent applications. Many of these, for instance U.S. Web Coated (SWOP), carry the v2 version number suffix. If you’ve continuously upgraded from earlier Adobe applications, you may also have v1 profiles hanging around. Use the v2. The v1 ones were created with older software (Color Savvy for Adobe PressReady), whereas the v2 profiles were built using a special version of Photoshop and perform better in multistaged color conversions wherein an image is converted from one profile to another and then either back to the first or into a third profile.
A Color Management Off set is also there, but it’s a misnomer—there is no off switch to color management in Creative Suite. Instead, this set will define defaults just like the rest, which, come press time and depending on your work, can cause either barely noticeable color shifts or disastrously wide spectral swings. It assumes that all your RGB images were created directly on your monitor, in its color space, and that everything will be printed in the U.S. Web Coated (SWOP) v2 CMYK space.
Here is what Color Management Off really gives you:
RGB Working Space (Your monitor’s ICC/ICM profile)
CMYK Working Space U.S. Web Coated (SWOP) v2
RGB Policy Off (Leave it as is, without considering the source profile and without converting it to the current working space, and upon print, just convert the RGB numeric values to CMYK numeric values.)
CMYK Policy Off (Print it as is, without considering the source or output profile and without converting it to the current working space.)
Profile Mismatches Ask When Opening
Missing Profiles N/A
Rendering Intent Relative Colorimetric
Black Point Compensation Yes
I vigorously advise against using Color Management Off if color matters in the least to your work. Even one of the out-of-the-box presets would be a (marginally) better option.