I have Netgear WNR3500L v1 router. Build 19545M shows 'Netgear WNR3500 v2/U/L v1' What does v2 do there and why there's both v2 and v1 in the first place?
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Because, there is a WNR3500 v2 which is essentially the same as the WNR3500L. The WNR3500 v2 doesn't have a USB port and only has 4MB flash and 32MB of ram, but all the other specs are the same, and since they add board detection at a generic level, they are going to be recognized as the same. Also, the WNR3500 v2 isn't to be mistaken with the WNR3500L v2 which is different entirely.
Thanks for explanation. This space between L and v1 is misleading at best.
This article would be helpful to identify your router model.