If you are asking my opinion of the URVape update, since I am reading the same thing you are, here it is:
URVape.com is still taking orders for the current vape so sold out likely means low inventory and that they will not be restocking more since the new vape is in production.
You asked if "they are in-between products with nothing to currently sell." If you mean FWDG, URVape is not their only product line so besides clearing their current vape inventory, they are selling the PersonalAnalytics through CBScientific and the products of Hemptech.
As far as your second question "how long will they be in the process of making V2," I imagine they will be in the process of producing V2 until they decide to discontinue making them after they come to market and/or when they make the V3 possibly.