V&V was the first superhero game I ever saw and of course the first I ever played. At the time everthing about it was either totaly new and exciting to me or familiar from AD&D (like the range of normal atributes, experience points and levels, random encounter tables etc...).
I made many characters for the game and my game ran for about 3 years until someone stole all of my game books and I started work on creating my own super hero game.
The most consistant player in my game had a character named STEEL HEAD who was a vigilante and not a classic super hero. A teleporting Marksman with super agility and strength. He constantly ran up against my favorite NPC PALADIN. who was really my own character because that's how I played him. (Thats just an element of my GMing style.)
There were some elements of the system that I didn't really grasp at the time so some things didn't get done right but they were done consistantly and since none of the players owned a copy of the game rules, no one knew if I got something wrong. I had a great time and so did everyone else.
Though I've moved on and now play Super Crusaders instead, (the game I made) i still look through the old V&V modules and character books for inspirations, once in a while, and my own books mention V&V more than once, offering praises to Jeff Dee, may he live forever.
Jeff Dee has also moved on since V&V and has produced a new game called LIVING LEGENDS, which he promotes as a sequal to V&V. if you're interested you can find it at http://www.io.com/unigames/ll/products.html I don't own it myself because I just haven't gotten around to buying it (money is tight) but the free preview looked good and you might want to check it out.