Newest PCS2 has every Modelview features and more.
Untrue.
Modelview has three moderately usefull features PCS2 doesn't.
1. Shield mesh edition.
That one comes in handy when adding shields to everything that wasn't shielded previously.
2. VP files browsing.
I'm using it to browse my big pack of old missile models (from old 158th Banshee Squadron dump) and only for that (besides shields), but it's faster if you want to take a look at model inside an old campaign VP.
3. Descent files viewing.
I don't use this feature, but if somebody is interested in viewing models from Descent 2 or 3 files, he could use it.
Unfortunately, I can't help you, because I'm using Windows XP (it runs fine on it, maybe try some kind of compatiblity mode if there's one in Win 7).