My friend (toyota fan)told me about this discussion since it seemed a little biased. Im not here to flame/troll or anything like that, just a good technical discussion.
There are two different VTEC systems. The first one is the conventional VTEC system which is basically a on/off point and it switches to a bigger cam lobe which basically changes the cam overlap, cam duration and valve lift. Essentially the valve opens longer and lifts higher.
The newest VTEC system implemented by Honda is the i-VTEC system. This is what is currently in the K series engines (RSX Type S, Civic Type R (EP3), Integra Type R (JDM DC5 model), TSX and some of the new accords). This not only has a the mechanism of the conventional VTEC system but it also has the continuous cam timing driven by a VTC (variable timing control) mechanism.
So with this current system. Cam angle is continously varied for economy, low emissions and performance. On the k series it is up to 50 degrees advance and 50 degrees retard. Dont know about the VVTL-i system, maybe one of you can find that and post it up.
Also, some of you are saying the VTEC is all about highend. Sure maybe the conventional VTEC, but the i-VTEC has some madass lowend...especially when tuned with Hondata's K-Pro ECU (i have this and i love it!!). My Type S originally came with a 5800 VTEC point, but with K-Pro i lowered (tuned) it to 4300 and now the midrange is so smooth and pulls strong all the way up. Now dont get me wrong, my car had good midrange stock, but im just saying that with proper tuning it can be made even better.