The VLC changelog states
Changes between 2.1.x and 2.2.0-rc2:
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* New VHS effect filter
...
I got 2.2.0-rc2, and the filters are different to 2.1.5 but I can't find the supposed VHS filter. I see in the "Plugins and extensions" that the VHS movie effect video filter is there, but I can't find where to activate it in the "Adjustments and Effects".
Also, I haven't tried it, but if it isn't very good, is there any other media players that offer a feature like this with great customization? I love the feel and even warped sound of VHS tapes, and it would really help some of the 80's movies I watch regain that 80's authenticity.