From a black box view point, the original NanoVNA had lower noise and could be used for narrow band measurements (crystal filters) which the LiteVNA, V2+ can't. The cost was less than half.
We bought two H4s which are similar to the original NanoVNA with a 4" display. These never performed as well as the original NanoVNAs we bought. I ended up damaging my H4 and while trying to repair it stumbled onto that the mixers they used in the original NanoVNA induced less noise. I ended up adding a few caps and changing the mixers on the H4 and it out performed the original NanoVNA. I ended up making the same mods to my friend's H4 and the performance was on-par with mine. Maybe the early H4's were better. I posted about it here:
https://www.eevblog.com/forum/rf-microwave/nanovna-custom-software/msg5695997/#msg5695997The H4 and NanoVNA are only good for about 300MHz. They support harmonics but the dynamic range is poor. So, < 300MHz, narrow band, PDN sort of measurements, NanoVNA. Greater than 300, LiteVNA. They are low cost, so if you play with RF, get them both and you're set.
Just don't be fooled into thinking they are going to compete with a name brand VNA. They are slower, missing key features and use a square wave. People will post how the square wave doesn't matter. I agree in most applications that is true. Certainly for passive devices. However, if you are playing with active circuits that may not be the case, even when working with very low frequencies. Here I demonstrate a 1MHz amplifier that I purposely designed to show how the square wave can be problematic.