It's extremely yellow, quite like Red Eye Gold. Unlike the Red Eye beverages, which I use as a benchmark due to their superiority in most regards (i.e. taste), V retains its carbonation, rather than losing it entirely upon the bottle being opened.
V has a strong berry-like taste with a hint of medicine. It smells quite refreshing. Disturbingly, however, if you leave an open can or bottle of V in your car for a length of time, it emits a smell not dissimilar to superglue.
The flavour is quite strong. It tastes very much of berries, like some odd foreign fruit drink. There's no real taste evidence of vitamin B, which is a good thing. The berry flavour is obviously used to mask some of the other potential horrors in the drink. It's so strong it can actually make you squint a bit upon first tasting it. Overall, though, the taste is not unpleasant.
The berry-like masking flavour remains somewhat, presumably continuing to mask the vitamin B taste that's probably lurking beneath it. Due to the strength of the fruitiness and the fact the beverage remains carbonated, belching post-consumption revives the berry-like fruitiness considerably, and is not so pleasant.
It tastes strongly of berries. Blackcurrant, perhaps. No real bad tastes present, but the strength can be overwhelming. The stuff tastes quite pleasant mixed with lemonade, though.