Well i have never had a gen1, they sold gen2 from way before i bought my first mugen cover, so i don't expect to buy gen1 unless buying used from ebay....

the difference is of course important, the gen1 has no magnet so this means no MicroSD unless you put in your own mini magnet (which you can buy from many sites)
I cannot not remember if the camera "shutter" was present on gen1.

But again you should not run into gen1 covers unless you buy second hand.