Agreed, and absolutely not sufficient enough to contain my -very often- long tracknames.
I've never used ID3v1 for that reason.
I've been using Mp3's for years now, but by the time I actually started to clean them up and fill in their tags properly, ID3v2 was available.
I have no idea why someone would prefer V1 over V2. Maybe only when this person is using an older portable player that doesn't recognise V2