  Motivated by recent neutron, X-ray absorption and resonant scattering
experiments, we revisit the electronic structure of V2O3. We propose a model in
which S=1 V3+ ions are coupled in the vertical V-V pairs forming two-fold
orbitally degenerate configurations with S=2. Ferro-orbital ordering of the V-V
pairs gives a description which is consistent with all experiments in the
antiferromagnetic insulating phase.
