I bought the 70-200 VR-1 version the week it came out. I payed $1,699 for it from my local camera dealer during a period when the one "Big" New York dealer was selling it at an almost obscene price mark-up, scalping the lenses they Had, basically. I had owned the Nikkor 80-400 VR for a 18 months or so, and had used that lens extensively, so I was pretty sold on what VR could do. One of the undocumented uses is using the "Active Mode" when hand-holding at the ridiculous ranges like 1/2 to 1/6 second or 1/8 second, which is well below what one would normally try. I was told about switching from Normal to Active VR at the reallllllly slow speeds, and not too surprisingly, it works, since Active is designed to cancel out really MAJOR vibrations; as we know, the human body is a mass of creaking joints, pumping heart, and twitchy muscles...at very long speeds, by using a wall or door jamb or other support,it is possible to get sharp shots at tele lengths, at really ridiculously long speeds. VR is good for scenic shots and for-the-record shots, where deep DOF is needed via stopping down and slowing the shutter way down.
The 70-200/2.8 is a pretty useful lens due to its aperture and focal length range. On the Nikon bodies that allow you more than one in-camera crop size (like say 1.5x and 2.0x), the 70-200 length is super-handy!