The V model has been around for a long time, and frankly it's just another way to depict a serial, waterfall approach.
The W model extends the V model to basically indicate that you can organize a project into a series of (potentially overlapping) small waterfalls which develop the system incrementally.
The V/W models, not to be mistaken with Volkswagons

, seem to be fairly popular within the US DoD community. Those folks have a fairly horrendous track record when it comes to software development, so does it really make sense that we follow their advice?
In the end, you need to find a process that works well for your situation. The only way that you can do that is by understanding a range of them. You might find
Choose the Right Software Method for the Job to be interesting.
- Scott
<a href="http://www-306.ibm.com/software/rational/bios/ambler.html" target="_blank" rel="nofollow">Scott W. Ambler</a><br />Practice Leader Agile Development, IBM Rational<br /> <br />Now available: <a href="http://www.ambysoft.com/books/refactoringDatabases.html" target="_blank" rel="nofollow">Refactoring Databases: Evolutionary Database Design</a>