1e - good, but rough and incredibly basic. Some really derpy ideas.
2e - worsened rules, better but edgier lore.
Revised - more worsened but more orderly rules, blander lore but a buttload of it.
Old WoD alternatives:
Three LARP codices. Do their job, I suppose.
GURPS - either the best thing ever or the worst thing ever, depending on your opinion on GURPS.
D20 - fanmade D&Dfication.
D6 - crap.
1e - generic relaunch of old WoD. A bland balanced sandbox with some merits and many faults.
2e - greatly revised mechanics, somewhat revised lore. Overall superior to the 1e.
Monte Cook's WoD - professional D&Dfication.
V20/20th anniversary edition - a shit in a nice wrapper, a torn up up, compressed and badly, very badly edited reprint of Revised. With shitty fanfiction all over it. Devil's advocate: still kinda good if you got it for free - it's a damaged Revised, after all, and some colored pictures are nice, but otherwise you should get the full, uncut and uncensored Revised or CofD.
V5 - crappy mechanics, eye-bleeding layout, even shittier editing and even more cut up lore. It's like someone tried to mash V20 and Requeim together then re-applied and blown out of proportion all faults of V20. Devil's advocate: there are some neat ideas there, but whoever implemented them done it in precisely worst way possible, and at least it's not RaHoWa.