Rabbitwebfactory is a legit supplier, they sold many of the first Race keyboards.
Here they have a manual and brochure of the Race 2:
http://rabbitwebfactory.com/pages/kbt_race_2It seems the major improvements are:
Better key coating (the first white Race LE had color that peeled off the case, not sure if this is adressed as well)
Programmable FN layer
Redesigned space stabilizer
Changed the lettering of some keys
There is no mention of LED improvements. However, I have a Race One which I have used for more then a year now, and it has no LED problems, so I believe it was just a certain Race One batch that suffered those issues.
I definitely recommend the Race keyboard. I find it to be the perfect keyboard for me, and it is certainly NOT like a keycool or any other keyboard for that matter. The custom key layout (top row is taller then R4 among other things) prevents you from replacing the keys, but I think the design is great and I personally love the extra height on the top row. It makes those keys more accessible.
Pictures of my custom Race to highlight how awesome this keyboard can be (with some mods)
Mods:
Race Limited Edition white board with keycaps from the normal black Race
Custom aluminum case (bought here in groupbuy)
Custom walnut wristrest (made by The_Beast)
Red alu keycap (from Feng)
I'll probably buy a Race 2 White Edition to replace the board in mine.