yongbin wrote:

If there are two versions, I am willing to pay for more advanced version, as long as the perfect transcoding effect is good, willing to spend more time

I called it earlier that Topaz Labs would probably make their own frame interpolation model, and just recently they did!
Considering how much better Video Enhance AI is compared to RealSR and Waifu2X (For non-cartoons), It's worth comparing it to RIFE or DAIN.

Neither of these 3 solutions are real-time; only SVP does that.  Video Enhance AI has a trial, and you can just uninstall it, make a new account, and keep using the trial as long as you want.
I did actually buy a license, but that was only after like 10 trials, lol.

I did a quick test and it's slow, but not DAIN slow.  IDK if it's as fast as RIFE, but It might be better quality.  One thing I did notice is it doesn't seem to require crazy amounts of VRAM to do 1080p, which I know DAIN did and required you to run it in tiles/rows.  Since I called it they've added tons of models to Video Enhance AI, like an AI model for interlaced footage, and a new one that you can use for anti-aliasing.  Still no replacement for Waifu2X for cartoons and anime, though; all of these models create weird artifacts with cartoons and anime upscaling.

You just import the output from SVP into Premiere Pro or After Effects or whatever other program RSMB works with, then render that out. (I like the free Voukoder plugin that lets you output video to FFmpeg)

SVP, even with strong masking, tends to just create motion ghosts rather than actually compensate artifacts with realistic motion blur.  Only DAIN offers a third option, that being no artifacts AND no motion blur, but we just talked about the drawbacks to DAIN.

Admittedly $75 for NeatVideo Noise Reduction is a good deal considering how great it is.  And although I got Video Enhance for $160, it's honestly worth at least $200 IMO...  RSMB feels like it's worth $20-$50, so it's too bad they charge $100 for it.  RSMB does a good job turning the masking from SVP into realistic motion blur.  Only mistake it might make is if you have motion behind a watermark, it can blur into the watermark, but you can use workarounds to fix that.

The company that makes RSMB also makes Twixtor, which is their take on SVP and Adobe's Optical Flow, but honestly, SVP, Optical Flow, Twixtor, they're all about the same quality, whereas at least SVP lets you tweek it to your preference, plus SVP's WAY cheaper, and even works on Linux, and does realtime, etc.

DAIN's free, you can just use it instead if SVP isn't producing the results you want for transcodes, BUT...
Bro DAIN's SSLLLOOOOWWWWW.

You can use it to make amazing short clips, but whole movies, whole episodes, whole SERIES?  I can't even imagine how long that'd take, but we're talking weeks & months, here.
If SVP doesn't work on an AI implementation maybe wait for Topaz Labs to come up with something.  Their Video Enhance AI software is bonkers, and I get 0.40-0.80fps upscales (could be better, but not bad) with an aging 980Ti, so I bet they could work some magic and get AI interpretation up to speed.

Also minor complaint but DAIN really should support more FFmpeg codecs than it does.  Converting to freaking APNG, then slowly unpacking the APNGs to PNGs...  SVP supports ProRes, FFV1, etc.  All the good intermediate codecs.
And DAIN only does exact multiples, so if you want 60fps and the video is 23.976 you have to waste way more time converting to 95.904, and DAIN is slow enough already without being forced to go overboard.

I use SVP + ReelSmart Motion Blur and my transcodes look smooth enough for my tastes, with no artifacts.