Why pointless? An engine without variable valve timing will need to be bigger, heavier and thirstier, or turbo-charged, to make the same power output as an engine equipped with the technology. I'll be surprised, amazed even, if there is a normally aspirated production car making circa 100bhp per litre that does not have variable valve timing. Not to mention the positive effect it can have on fuel-economy in normal cars.
And diesel is far from pointless too.