The 4-4-2 is the endless enigmatic formation of this game. Sometimes the V formation works sometime it doesn't, same for diamond. You'll manage to overcome a stronger 4-4-2 but get your ass kicked about against a much weaker team.
I've experienced it all in the last 3 days. Did a ND against an opponent in League, won 8-0. Did the same in Cup, lost 2-0.
The V formation, Narrow Diamond and Butterfly are usually used against the 4-4-2, but I also think a lot of luck takes part when facing that kind of formation.