This is one of my favorite formations and has been the formation I've had the most success with the last two seasons, including a 1:0 win in last season's champions league final.
With any formation, its all about matchups. The "V" is a versatile formation and can be effective with a variety of different orders. I only really use it against formations with two MC's and an AMC, such as 3n-4-1-2, 4-1-2-1-2 ND, 4-3n-1-2, etc... The following is the order pair I've been using in these matchups.
Orders: Hard defending, down the flanks, own half pressing, hard tackling, long passing, zonal, force counter-attacks, no offsides trap.
Red arrows on DL, DR and DMC, (A)ML/(A)MR are optional. Blue arrows on both MC's. Arrows depend on the matchup!