Bart,
I'm sure Marc Ausman will chime in, but I have a VP-200 although it is not installed yet. The website pretty much explains it all. Basically, by marring a solid state electrical distribution system with computer control, you get a system that allows for the automatic control of everything powered by the system. The payoff is reduced pilot workload and simplified wiring with very detailed monitoring of the entire electrical sytem. Engine monitoring is simply a side benefit. If you don't give a hoot about automation, then it really doesn't do anything more than what a standard buss/fuse/circuit breaker system does.
As for engine montioring, the VP simply displays whatever engine data you send to it. In GRTs case, the engine data is coming from the EIS not the EFIS. So you can display the data on both, but the data is split off of the EIS and is not daisy chained from EIS to EFIS to VDP. I haven't been keeping close tabs with VP, but the new GRT HX with it's different IO configuration may have changed how the engine monitoring can be wired.