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Where are you mounting and how long is the wire that connects to the power source? If possible, I'd recommend tapping into the wiring harness located behind the kick panel in the passenger side footwell... The harness you want has three wires in it an orange, a yellow, and a black. The black is the ground and the other two are power.
One of the two power wires (I'm pretty sure it's the yellow one) is only hot when the car is either on or in the acc power position. That way it won't draw from your battery when they key isn't in it...
do NOT tap into a constant 12V wire such as the cigarette lighter wire. The modulator will constantly be on therefore draining your battery. I made this mistake when I installed a double din a few months ago. Needless to say my battery would die every few days (if i didnt start the car) and it took me months to realize this even though i am an electrical engineer
I have my V1 and my Garmin power cord hardwired in the manner I described above. My ipod connects directly to my radio through my iPod2Car cable. Here are some pics of the harness that might help you. They are from my V1 install. Looks like it definitely is the yellow wire.
I hope you enjoy your modulator, but my experiences in the Memphis area have been far less than satisfactory.
I have to constantly change the station to find one that is not occupied. At best, the sound quality is acceptable, and to be honest, I just got tired of messing with it.
The "hard wire" method is much more user-friendly and after it is all hooked up, it is uch easier to enjoy.