I switched last night to V2 as per the tutorial posted above. I can't really notice much of a difference in smoothness on my RTX 3070 laptop GPU for 1080p content. Artifact handling seems a bit better maybe.
However, I still get the framerate drops that last around 10 seconds. These usually happen after 1 h or 20-30 minutes during 2h+ movies, very rarely in TV series episodes of ~40 minutes. The SVP index drops from 1 to 0.8-0.7 usually, sometimes lower, and the GPU 3D utilization in task manager jumps from 70-80% to 100% while RAM utilization sits sub 3 GB most of the times. This is happening in MPV by the way. I need to test with MPC-HC.