"  Is every feature provided by V2 is there in V3? "

Not quite, though with recent additions, it's pretty close, and what isn't 
there isn't hard to add with a few extensions.  However, you'll have to 
change all your code, because V3 has different methods and names for things. 
V3 also has many features that V2 lacks that are worth considering, and in 
some cases make previous V2 features less relevant, or much easier to 
implement.

I believe V3 is compatible with a premier account, offering mostly the same 
benefits.


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