Genesis:32X Model Differences
Some page content & researching taken from io55.net's Genesis Add-Ons page with permission, in collaboration.
Models
Models are arranged chronologically. There are no revisions.
VA0/MK-84000 (1994-1995)
These 32Xs have some problems with certain model 2 revisions, namely the VA0, VA2.3 and VA4. If nothing is plugged into the side expansion slot (typically used by the Sega CD), many 32X games will refuse to work or lock up within minutes. This can largely be fixed on the VA0 model 2 by connecting a Sega CD or using the Extension Unit which came bundled with the 32X. The Extension Unit acts as a terminator on the expansion port and contains pull-down resistors on the data bits (pins A4 through A11 and A13 through A20). However, it does not work with the VA2.3 and VA4.
VA1/MK-84000A (1995-1996)
Some of the model 2 compatibility issues were fixed with this revision. To identify this, just open the cart slot and see if the PCB’s code ends with “A”. Furthermore, these may have a slightly wider cartridge slot, but this needs to be verified with measurements.
References
https://gametrog.com/sega-32x-information-specs/ (incorrect on version differences, slightly)
https://www.reddit.com/r/SEGA32X/comments/24snek/i_recently_found_one_of_the_mysterious_32x/
https://www.reddit.com/r/SEGA32X/comments/e6qbcj/knuckles_chaotix_issues_with_sega_genesis_model_2/
https://www.reddit.com/r/SEGA32X/comments/9ryglb/question_about_the_32x/
https://www.reddit.com/r/SEGA32X/comments/4m9ol7/sega_32x_model_revision_region_bypass/