Their naming convention is based on flooring the size of the device, not iteration:
Nexus 4 - 4.7" phone
Nexus 7 - 7" tablet
Nexus 10 - 10.1" tablet
I wish they'd called it the Nexus 7.2 or something more distinctive.
Especially since their own search engine can't cope with it.
Calling it the "Nexus 7v2" would have made sense, but "Nexus 7.2" does not because people will think that the screeen is 0.2 inches bigger than the old version.
It's a 7" tablet, that's why 7. But it does look like they are doing what Apple does, not giving the models different marketing names...
I actually love this. Release a New Nexus 4 (or 5) , Nexus 7, and Nexus 10 each year, people can add the year to the end of the name to reference a specific one.
Year, Make, and Model.
Test drive the all new 2013 Nexus 7!