Can someone explain the difference in models K and II? Any suggestions on the merits of either?
How do I know which caliber to choose (Between 7.62x39mm or .308 Win)? I really don't have any clue what the differences, benefits, disadvantages are of either of these rounds/calibers.
The "K" model is the carbine and the "II" model is the full legth barrel rifle.
If you choose the .308 model, you're stuck with 5, maybe 10 round magazines I believe. The 7.62 x 39mm will except standard AK47 magazines.
7.62x39mm is a Russian caliber. It's very common and inexpensive.
Check here for more detailed info about the VEPR.