Sorry for not being around. New job working night's and being sick all weekend.
ROM Manager v4.3.3.0 and up will allow you to:
1. Flash ClockWorkMod Recovery v3.2.0.1
2. Install an Update,patch,kernel,or theme using the "Install ROM from SD Card" option. Never use this to install a new ROM as it will only allow you to wipe the cache partition and Dalvik cache(this is all that you need to wipe to install an update,patch,kernel,or theme). I personally think it's quicker just to go straight to my recovery to do all these things.
3.Delete,rename,and restore backups using the "Manage and Restore Backups" section(I have used all these options and can verify that the work, and think that it saves time to use these options). You can restore a backup of a ROM currently installed(in case you mess up and delete something that causes your ROM to act funky,etc.). I have not restored a different ROM than the one installed using this option and thus will not indorse it's use for that purpose. You can delete with ease any and all your backups,and rename them as well(it will get the MD5 sums right). When you select the backup, a window will appear with 3 options. If you want to rename a backup to something easier to remember select the rename option.A new window "Backup Name" will appear,touch the yellow box,and then select Word in the new window,then rename making sure not to leave any spaces. Example BACKside_Build#08202011. This works great for trying to remember multiple backups,instead of just having a date stamp.
4. Backup Current ROM. Works great and saves time.
5. Fix permissions option when selected might help when you are experiencing force close issues with certain apps. Only use it if you are having force close issues. It might cause you system to reboot randomly so only use as a last resort.
6. Partition SD Card. I have not used this option so I can not verify if it works on the "V" or not. If someone would like to try it and then let me know that would be great.
I would not suggest rebooting into your recovery using the option in ROM manager as it might cause a recovery loop on the "V".
All other options are not compatible with the "V"