Basically all that VTEC is, is a higher lift longer duration Cam Profile. This cam profile enables the engine to breathe better at high Rpm's when much a large volume of air is needed. At lower RPM's opening up intake and exhaust valves for longer periods of time doesnt necessarily increase power due to the fact that the engine does not require that amount of air. #2, I'm sure you've all heard that Muscle car down the street that has to constantly be on the gas because it idles so horribly. That is one of the downsides of having aggresive cams(crappy idle and very poor low end performance). The reason VTEC was hailed as being so great when it was introduced was because the low RPM driveability was still there on the "Normal" cams and you could get the extra power from the High RPM range when it switched over to the more "aggresive" cams. Hence the "Jekyll and Hyde" engine persona..
Well, in any case this subject is terribly complex and I dont pretened to understand it all that well. Hopefully this helps a bit, and if anyone here is a VTEC guru, more info is ALWAYS appreciated.