Hi, I have similar issues with the mlv_rec (green effect, corrupt files, challenge opening some files on mlrawviewer).
In terms of reliability, IMHO, it appears that raw_rec is robuster (if there is such a word).
The biggest difficulty I face is that most files that looked okay when shooting and replay on the camera are difficult to handle on the mlrawviewer. Initially, I deleted a few files since the mlrawviewer wouldn't open these. But now I realise that I should try opening the files at least three times before deleting. It could be that the issue is with the mlrawviewer. I simply can't say.
Plus, when the wrong combination of frame size, frame rate and snd is chosen the camera hangs and the battery has to be removed. Normally, the camera should just reject the wrong choice instead of trying to record and hang due to lacking buffer. Raw_rec somehow is better at dealing with this and is more bouncier overall. The obvious advantage is mlv_raw can record sound in camera while raw_rec cannot for the same video quality.
Just yesterday, my 8 year old daughter had a recording session to cut a cd for sending to a music competition. The music teacher arranged for the recording at a professional sound studio. The studio manager told me to arrange for my own video recording. I decided to do it myself. Initially, I thought the best idea would be to record mlv or raw. But then I chickened out last moment since the studio was booked only for an hour with 3 takes allowed. We were paying too dollars to the studio plus another sizeable sum to the pianist girl. So I did not want to take a chance and went back to the tried and tested H.264@24fps.
Having said that, I am now a raw addict and mlv is my preferred format primarily because of the completeness of this package as a whole. After filling up 4TB of memory, I am still hungry for more. The 5D3 is a beast and ever hungry :-)
Overall, things are good as they are. Appreciate all the hardwork. And love every bit of the ML interface.
I dream to be a raw champion one day.