Of course Microsoft Band v1 is still an option in the Microsoft Health App but this does provide a nice side profile comparison of the two devices.
Your Microsoft Band will tell you on the screen what the Bluetooth ID is so that you select the correct device for pairing.
The pairing request will ask you to verify the same code appears on the Microsoft Health App and the screen of your Band.
Immediately after pairing for the new v2 of Microsoft Band there was an update I was promoted to install first. The Band will restart after the installation is finished.
After the update is installed there will be about 5 steps to update and sync your Band with the Microsoft Health App.
Tap Finish to complete the setup process.
After the final steps are completed you will see some introductory pages about some of the Microsoft Band v2;s features for review.