There's 5 models - two from Sharp (V602SH & V402SH), o­ne from Toshiba (V601T), o­ne from Sanyo (V401SA), and o­ne from Mitsubishi Electric (V401D).
"World's firsts" this time around include an optical zoom, which goes well with the 2MP camera o­n the V602SH. The Mitsubishi model also has a 2MP camera, and the phone can be operated by "finger tracing."
Since vodafone has a pretty detailed press release available in English (PDF which seems to have some copy protection ), I'll just make a couple of notes about each phone and put some pictures with it.

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-Sharp V602SH with world's first optical zoom

-2.02 megapixel CCD with autofocus, optical zoom
-record QVGA (320x240) video at 15fps
-TV out
-"swivel style" where LCD can be reversed 180 degrees
-part of Vodafone's push for new cellular phone designs
-64 voice ringtone, first support of 2G "chaku uta" songs
-V-Kara karaoke by connecting with TV
-256K appli, 3D polygon support



Inspired by:
http://k-tai.impress.co.jp/cda/article/news_toppage/18770.html

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-Toshiba V601T

-Compatible with Chaku-uta ringtones
-20mm front speaker
-Movie Mask, V-Kara
-256K appli, 3D polygon engine
-Records QVGA size movies at 15fps



Inspired by:
http://k-tai.impress.co.jp/cda/article/news_toppage/18772.html

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-Mitsubishi Electric V401D

-2MP camera, can record 1 minute of video
-finger tracing control pad, industry's first
-2.2" main display, 1.3" subdisplay



Inspired by:
http://k-tai.impress.co.jp/cda/article/news_toppage/18773.html

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-Sanyo V401SA

-Built in FM radio tuner, receives audio from TV channels 1-3
-slide style, 2.4" LCD
-supports Pict Bridge



Inspired by:
http://k-tai.impress.co.jp/cda/article/news_toppage/18774.html

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-Sharp V402SH

-Integrated analog TV tuner
-Swivel style, LCD reversible to 180 degrees
-Allows for watching TV horizontally while phone is closed
-1.3MP camera
-Picture Postcard Maker



Inspired by:
http://k-tai.impress.co.jp/cda/article/news_toppage/18775.html

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Inspired by:
http://k-tai.impress.co.jp/cda/article/news_toppage/18766.html

Press Release (Japanese):
http://www.vodafone.jp/japanese/release_detail/20040510/20040510.html

Press Release (English, PDF):
http://www.vodafone.jp/english/release/2004/040510e.pdf