Ohms means the resistance of a coil. The higher the ohms, the more power it takes to heat the coil. It also takes a bit longer to heat up when they're higher. If you have a variable volt device, the resistance is nothing but a matter of personal preference, since you can adjust the voltage or power to suit you. Many prefer lower ohms for the faster time it takes to heat. Other's prefer higher ohms, because the higher it is the larger the coil usually is. That adds surface area to the heating element, which should mean more flavor and vapor per hit.
Watts is essentially a calculation between the voltage a battery is putting out and the resistance (ohms) of a coil. Here's a handy website that explains the calculations.
Ohm's Law Wheel What a variable wattage device like the MVP 2 does, is read the ohms, and adjusts the voltage itself to reach the wattage the user set it to automatically. No matter what resistance your coil is, you will get the same heat or power for each hit. It's like a variable voltage device, only it adjusts itself when you change your coil or topper, rather then you needing to adjust the voltage yourself.
With the MVP 2, you can also set it to variable voltage mode, rather then variable wattage. It'll be like driving a stick shift instead of an automatic car. Each time you change the resistance of your coil, or if switch a topper, you may need to adjust the voltage yourself to get the type of heat or hit you prefer. Many actually prefer this over variable watt mode, as it allows for more fine tuning.