Velvet shader using NEW Principled BSDF Branch!

I am fairly well versed on the subject.

I used the term colour grading - because that’s what it seems to be at first glance. It’s calculating a colour grading based on the angle between the camera and object. It’s just that the colour grading is calculated based on an approximation to real world iridescent phenomenon.

True thin film iridescence/interference depends on the position of the light source as well as the camera - which I don’t believe Cycles has access to (at least it didn’t have in the past when I was creating the node group in my link above).

As far as I can tell - the thin film effect doesn’t change with changing angle of incident light in principled V2

It’s also not a true interference model either, because cycles isn’t currently spectral. It appears to be an approximation along the lines of what I created using RGB gradients and sine waves in the link above - but probably more accurate since I was merely eyeballing, not using the underlying maths.