The FAQ probably needs to be updated. v1 was 10 fps, v2 15 fps. (frames per second). And the same duration video will take more space on the SD card.
Consider using “record on event”, it saves space and makes reviewing the video less boring.
I am reasonably sure that using record on event does not “extend the life” of the SD card. I think it is always recording, and then deletes the video when it determines that there were no significant events during the last minute. The reason I think this, is that I don’t think there is enough RAM to store 1 minutes worth of video. This may actually be worse for the SD card, since it is more likely to reuse the same cells over and over again. And most SD manufacturers don’t specify if the microcontrollers on the SD card are doing “wear leveling”. My guess is that they don’t or use a simple algorithm. “High Endurance” cards probably have better wear leveling implemented.
The v1 camera alerts videos start a bit before the triggering event, the v2 are delayed until a bit after. So if you want to see what happened right before, the v1 is better, but the v2 gives you a better chance of including significant parts before the 12 seconds runs out.