As the comments here have been pretty general so far... I own a VM1, and like it a lot on some (female) singers. It's bright and detailed, which can at times make it a little too revealing, so it's not for everyone, and I wouldn't use it on a screamer for fear of scaring the animals. I also like it on acoustic guitar, which isn't surprising given its sonic profile.
James Gangwer told me its circuitry is based on the U67, which is interesting given that it sounds nothing like that mic. Still, I like it a lot on sax, which is an application where I often find a 67 effective. My only dissatisfaction with mine is the "crescent" shock mount that came with it. It is necessary to force the mic into it, which mars its finish. I've had lots of O-rings break. I finally gave up and started using an ugly $25 shock mount that was made from some PVC pipe.