Network Caching Level no longer has effect in VLC for iOS (v2.3.0)

After updating VLC for iOS to the latest version (v2.3.0), Network Caching Level is no longer having any effect. It worked well in the previous version (which ever one was released right before 2.3.0) While running the previous version, I used to have a latency of about 1 second (on my LAN), now, in v2.3.0, no matter which level I select between "Lowest latency" and "Highest latency", I get about a 6 second delay.

I have v2.3.0 installed on my iPhone 3GS (iOS 6.1.2) and iPad 4th generation (iOS 7.0.3). Both have exact same problem.

I also uninstalled the app completely on my iPad, and re-installed it. Same problem.

Note: VLC on my Windows 7 laptop, which has been (and still is) running it's latest version (2.1.3 Rincewind), still works as expected. (1 second delay with "Lowest Latency" selected.