SVP is frame interpolation... it is the same technology used in modern flat panels. It estimates motion between real frames and creates new frames which makes it look like the framerate has been increased. Most people don't like this effect. It works ok with sports, animations or documentaries, but not film (IMO).
FRC (frame rate conversion) is basically only for those who have 60Hz displays. Since film is 24p, it needs to be converted to play on a 60Hz display because 24 is not a multiple of 60. The conversion process causes judder that is most noticeable when the camera pans across a scene. FRC removes this judder and essentially makes it look like how a film will look on a display that supports 24p.
BTW, the link above is for v0.86... v0.86.1 is the latest version. The latest version will always be in the first post of that thread at doom9.
For the best results, enable FRC in the smooth motion section, and uncheck 'don't use linear light for smooth motion frame blending' (if your GPU can handle it).