Paragon Backup & Recovery 2014 Free pVHD is the newer, more compact, and preferred file format (well, that's what Paragon insinuates) for backups. However, I recall reading somewhere that pVHD backups cannot be saved in the hidden partition for the Backup Capsule. Is that correct? I'd like to use pVHD but I would also like to better protect my backups by using the Backup Capsule feature.
VD backups can be saved in the Backup Capsule, according to the documentation I have read. Besides, in the normal (not legacy) VD interface there is "Manage Capsule" wizard. But I´m not sure, haven´t used the BC. You could just try.