Snippets V2 is a new feature in Launch Week II that offers more flexibility and performance while being rebuilt from the ground up to resemble the import experience that developers know and love. It allows for fully reusable components and variables, enabling users to avoid repeating content in multiple places by storing variables that can be easily called. This setup can be a powerful tool when versioning documentation, where only certain properties may change. Snippets V2 is designed with the principle of DRY (Don't Repeat Yourself) in mind, applying it to building docs and making it easier to maintain consistency across documentation. To get started with Snippets V2, users can upgrade their CLI with `npm i -g mintlify@latest` and follow the instructions for implementing snippet V2, which includes creating a new file in the `snippets` directory, adding content or variables, importing and passing props.