Derelict works perfectly for me. But then I don't use the official MediaVPs anyway, I have my own set that I maintain (but don't distribute).
I'll grab the current mv_adveffects and Steel01's modifications and give the files a look over. If I see anything I'll let you know.
EDIT: Only looked at Steel01's so far, but other than the fact that some of the effect which need mipmaps most don't have them, there was nothing terribly wrong, other than the fact that pretty much everything was using DXT5 and taking up twice the memory that it should (as DXT1). Though one of the effects is non-power-of-2, uncompressed DDS and it has mipmaps. The having mipmaps part will crash on you so the code has to resize to power-of-2 before use and it can't do that will mipmaps. This will either lead to memory issues (and crashes) when it tries to resize, or it will get to the video card and crash there. NEVER create mipmaps for non-power-of-2 textures. While technically not illegal by the specs, it does require driver/hardware and app support to use them without issue. Just resize it to power-of-2, resave as DXT1 with mipmaps, and that one will be fixed.
The effect in question is explode1.eff:
explode1_0000.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0001.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0002.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0003.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0004.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0005.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0006.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0007.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0008.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0009.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0010.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0011.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0012.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0013.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0014.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0015.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1_0016.dds: DirectDraw Surface (DDS), 112 x 102, 7 mipmap levels, RGB5A1
explode1.eff: FS2_Open Effect Animation (EFF), DDS, 17 frames at 15 fps