Currently I am ripping everything with both tags in the file. If the name of a field is too long, it gets clipped in the V1 tag, but I find that fine since every program I play MP3's through can read the ID3V2 tags, including emplode.

The longer field support has been very useful. But I really haven't taken advantage of any of the other V2 tags, as it seems to be mass chaos on what is supported in each player/program.