I just got Sinestro like an hour ago. But how come on his first click it shows a little v in the defense slot?3 clicks later a E? 3 clicks after that an R? What? Your help is appreciated.

Veteran (300 points), Experienced (200 Points) and Rookie (100 points) starting positions.

I've not got sinestro, but i guess that they stand for the three versions of him, veteran, experienced and rookie, just like normal figures.
The sential is the same but it tells you to click it's dial 3 times.

V = Veteran's starting position
E = Experienced's starting position
R = Rookie's starting position

Yes, Reading the instructions for him would have informed you of this.