Yes, sadly, that IS the terminology many fans use these days, and DC Direct has NOT helped by using the same terminology.
But the canonical explanation (i.e. within the DC Universe itself) is as follows:
When Hal Jordan first became a GL, there was only ONE style of power ring in use by the Corps. Most long-time fans such as myself refer to this as the
GL Corps Power Ring Version 1. This is the round-faced ring with the GL Corps symbol carved into the face, a style that has been known for centuries as a
SIGNET RING. This is the style that most fans now insist on calling "Hal Jordan's Power Ring". It was introduced in Hal Jordan's first appearance, and was used by ALL Green Lanterns (with slight variations as necessary to fit different types of extraterrestrial appendages, of course) from that story, up until July of 1976. While it has been drawn different ways by different artists on the book, that's merely artistic license. The rings were always meant to be of the same signet ring design:
Then in
Green Lantern (Second Series) issue # 90 (August, 1976) the Guardians of the Universe recalled the ENTIRE Green Lantern Corps to Oa, to be issued NEW, "upgraded" Power Rings, which most long-time fans chose to call the
Green Lantern Corps Power Ring Version 2. These rings, of course, had a brand-new form:
They also had updated programming and functions. Chief amongst the new functions: the wearer was given the ability to alter their ring's form to any form they chose! This allowed some GLs to come up with unique, customized ring designs. But the most memorable uses of this feature were when Hal Jordan went undercover and disguised his power ring as a pair of sunglasses, and when Katma Tui transformed a power ring into an "F-Sharp Bell" to enable a very unusual alien named
Rot Lop Fan to join the Corps.
While many fans now insist on calling this ring the "Kyle Rayner Power Ring", this really, really annoys me, because that Version 2 Power Ring was around for 18 YEARS before Kyle Rayner made his first appearance. If anything, it should either be called the JOHN STEWART POWER RING (as this was the ring he wore in the mid '80s when Hal Jordan quit for a brief time, leading the Guardians to give John full-time GL status as Hal's replacement) or the GUY GARDNER POWER RING, as this is the ring Guy has worn ever since the first time he wore the emerald and black uniform of the Corps:
So, yeah, either one of those makes much more sense to me than calling it "Kyle Rayner's Power Ring". But John and Guy are both being marginalized here, because they're considered ''supporting characters", even though at times, they've both been shown as the main GL of Earth, while Hal and Kyle were both considered the protagonists of the book. :rolleyes
Now, the Version 1 and Version 2 designations are based solely on the fan's frame of reference. In
GL (Vol. 2) # 90, it was strongly implied that this was not the first time the Guardians had issued updated power rings to the Corps. So, for all we know, as far as the Guardians and the Corps are concerned, the newer rings might actually be version 42!
And then of course, in the last few years, we've now seen what could be considered Version 3... an update to the Version 1 signet ring, with the slightly updated logo that the Corps now wears:
Biggest difference on this one, besides going back to the signet style look*, is that the weakness against the color yellow is no longer a problem for most GLs**.
As for Kyle's ring, that's... complicated. At one point, Hal Jordan encountered a rogue GL known as Lord Malvolio. Malvolio destroyed Hal's Version 2 power ring, then manipulated events so that Hal would take Malvolio's older Version 1 ring as a replacement. When Hal later turned against the Guardians and the Corps, taking on the name "Parallax", Hal dropped his ring (formerly Malvolio's ring) on the ground, then crushed it under the heel of his boot. The Guardian known as Ganthet then picked up the pieces, and remade the ring, and when Ganthet remade it, he altered some of its abilities, taking away the yellow weakness, and programming it to work only for its chosen wearer, the identity of whom it would verify via DNA. That's something I forgot to mention earlier; Kyle's ring was meant to be one-of-a-kind, like Alan Scott's. And it wasn't always drawn to look like the other Version 2 rings. In fact, at times, it's been drawn to look more like the so-called "chunk" ring:
So, maybe there should be a difference, from a design point of view, between the GL Corps Version 2 Power Ring, and "Kyle's Ring". While most fans and even the people at DC Direct now consider the 2 to be one and the same, they really shouldn't be considered the same at all. One is the standard ring that was issued to the entire Corps at a certain point in time, and was therefore "mass produced", while the other is a unique, one-of-a-kind ring with unique abilities and programming.
Just some things to think about. And yes, I probably AM one of the biggest Green Lantern geeks you'll ever come across. :$
*These new "Version 3" power rings presumably still allow the wearer to change the ring's form, which would explain why Guy's ring still looks like the Version 2 ring, and why John Stewart has now altered his ring to feature the animated series logo.
**As those that have read GL over the course of the last few years should already know, at the end of Green Lantern: Rebirth, the Corps discovered the true nature of the yellow impurity, and the weakness it caused. Now, the GLs know that once they learn how to overcome their fear, the weakness to the color yellow is no longer a problem. So, only the rookies are affected by the color yellow these days.