Mythtv: Solving "the Application Is Not Reading Fast Enough" (IVTV)

There seems to be a problem with choppy video in MythTV 0.20. The issue appeared after upgrading to KnoppMyth R5E50 and it seems to be related to mythtv being too slow to retrieve data from IVTV and a bug in IVTV 0.8.2.

This thread recommends to increase ivtv buffers and upgrade to trunk version of IVTV. Will try this tonight.