The V-GENE is a Micro ATX motherboard, and it doesn't have the Fusion Thermo solution that the V-FORMULA hosts. I'm not too sure about the nitty gritty details, but they're the main differences. Both Z77 chips in them, too. I've got a V-FORMULA on order, as I personally would benefit from the Fusion Thermo and the ROG Connect features it hosts.
It all depends on your preferences. If you're gonna overclock the processor you're buying, I'd personally suggest the V-FORMULA.