What kind of failures have been experienced with V1?
I can't speak for any instance other than mine, but it simply did not make a loud noise as it was supposed to when I tested it. The pitch was low and the sound level weak. I hadn't used it in a year or more. My thinking was that something inside had corroded. I probably did not clean it thoroughly enough in fresh water.
A whistle may not be as loud, but it doesn't corrode. As I see it, the simpler the mechanism, the better.