Version 2 is very different from versions 1.x in its user interface and overall workflow. In versions 1.x you could build a chain of filters but each filter had to be configured almost blindly, usual Preview function from filter's settings dialog did not work, you had to save filter settings, then run general Preview in main Video Enhancer window that launched the processing of whole video with all the filters applied, just without saving the result. In version 2 this is no longer the case, now all changes in filters are immediately visible, and if you press Preview in a filter's dialog you can immediately see it applied in the main video window. You can also change order of filters and turn them off and on, just like one would do with layers in Photoshop or similar image editors. Everything became very interactive, all changes immediately visible. You can use timeline in the bottom to jump to different parts of your video and see them processed. You can compare original and processed video by switching the view with corresponding buttons on the top. After you're done building the filters chain, you just press "Save video" and there you can select how to name the new file, select its format (AVI / MP4) and choose codecs for video and audio.
Another major change in version 2 is internal, how it works. Now all actual work with video files, with codecs and filters, is moved to a separate process while the user interface works in its own process. Which means if some codec or filter crashes, it does not crash Video Enhancer itself, it will silently relaunch the worker process without losing any important information.