Yes, V class fares earn miles. So do Q (the lowest), H (sometimes used as the designator for "Holiday" fares... it's either considered higher than V or sometimes lower than Q). Above V, I think the hierarchy is V < M < B < Y.

K class fares are the Cybersaver fares, I think.

and S class fares are actually HIGHER than Y. When I did a business class RTW trip a year or so back, on one class aircraft S is what they used to indicate I was better than the typical Y fare guy.