I'd rather be a consistantly quick driver than "cool" any day.
I don't believe VTEC has any place on a track, aside from track days. It's impressive technology, but impressive doesn't necessarily mean useful.
A race driver needs to keep the car balanced and smooth, at the degree of slip angle you're already at when driving on the limit of acceleration and cornering g force, a jump in power or engine compression, in either direction is going to put you into sever oversteer (RWD)/understeer(FWD), adding tenths of a second to your corner.
If the guy you're trying to pass slows down from peak corner speed mid corner, and you have to lift off, and you drop below your vtec crossover point, you're going to have to change down a gear, concequently by the time you've finished the straight after that corner, you'll be 5 car lengths behind him.... losing.
2 stroke motorcycle engines have had this variable valve technology for atleast 20 years, it's good because of the massive difference of power, with my powervalve (i wish they'd call it something else) shut, I have 12bhp up to 7,000 rpm, at which point it splutters and stops revving any higher, probably a good time to have changed gear by, on the other hand, if I have it open, I have absolutely no power, like 6 bhp up to 7,000rpm, at which point i get up to about 22bhp at 13,000rpm and it will continue climbing to 16,000 (going past 14,000 has only happened a few times, usually when a ponse with a hat and a body kit tries to cut me up, which I don't allow.)
Back to the point, VTEC engines are not 2 stroke, they are 4 stroke, why rob yourself of power at the bottom end of the rpm range? In a race, one day you might need that power, it could win you a championship because you were able to survive the rest of the last lap in 3rd gear and hold onto 3rd place....
No real race car has ANYTHING on it that hurts performance unless the FIA enforce it for safety reasons, or the increase in reliability is worth the trade off, except, I don't think Honda's are any more reliable just because of a change in valve timing, if anything, that's something else to break....
Advantages - fuel consumption, noise level cut down, makes rice boys feel like they have Nitrous Oxide or a turbo because of the kick in power (however mild), but anyone can have a kick in power if they limit the power lower down up to a certain point.
Disadvantages - slower than if you just had a straight four engine with decent valve timing all the way accross the rpm range, heavier than your usual valve system, more likely to break than something simpler...
Conclusion: VTEC doesn't give you more top end power, it takes away bottom end power for noise and fuel advantages.
and by the way, being an SRT4 fanboy is no better than a VTAK fanboy, neither of them are race cars.