No, what I'm doing is using MPC-HC's sub renderer which handles PGS just fine. (madshi updated it and madVR to work together to render the subs properly, so, you need later versions of both to get it to work). I'm not sure what shortcuts you need. MPC-HC has a bunch that I use and work fine. Basically how I set it up is like this:
Install ffdshow, set it up for bitstreaming audio and nothing else
Install madVR
Install LAVF Splitter
Install MPC-HC...leave the subtitles enabled, disable ALL internal filters, set the renderer to madVR, add ffdshow audio decoder and Cyberlink Video Decoder (or LAV CUVID) to the external filters.
Good to go. Nothing more is needed, and I can do "open disc" to play BD's, or I can open the MPLS file directly if it doesn't select the right one automagically. Soon titleset selection will be available in the menu so you can pick the titleset you want to play.
And yes, PDVD11 is out. I haven't bought it. I installed the trial and pulled out the video decoder for use with MPC-HC.
I still have PDVD10 installed.