kwriteconfig --file kwinrc --group Translucency --key GLMode SHM
After executing that you can restart kwin by executing kwin --replace
Additionally, turning off vsync might also make it feel a bit better, but be warned that you might experience some tearing in this case:
kwriteconfig --file kwinrc --group Translucency --key GLVSync false
About KWin development, it has gotten some compositing fixes & improvements lately, and I have a new eyecandy screenshot to show as well. I implemented soft shadows for windows. They still suck a bit (especially at the corners), but less than before and it should be possible to improve the corners with some more work as well.