Doesn't look like really a "v2" to me, rather v1 a bit re-arranged. A true "theory" able to explain present music (or even Jazz from the seventies) and also support its creation is still widely lacking, or just a naive variation of what was used for classical music. Tymoczko & co go a bit in a more general/useful direction where the theory eventually can also be used to define algorithms which can "compose" credible contemporary music, but still a long way to go. The latter is like the "litmus test" from my humble point of view whether a theory is indeed useful.

I don't know it personally but skimming it looks pretty good.