Like Dan, I've been flying my VIP Racer (a blue and white one) on a brushless Kontronik Fun 400-23 and seven 600AE cells for some time--probably more than 100 flights now. This model is a jewel--the level of completeness and build quality is remarkable. In very short order, you can go from the bench to the field with a model that will impress and amaze people with its speed and agility.
I don't race; I enjoy models like the VIP and the Cavazos Twister as superb sport fliers. Over time and with enough experience, they can be flown in tighter surroundings than a typical club field.
Probably the biggest hurdle, as Don mentioned is the tendency to develop a case of "hot-landing-itis" on initial flights. A pilot would do well to spend several flights exploring the slow-speed envelope of models like the VIP, Sokol, Twister and others. With experience, these planes can be flown around the traffic pattern in a nose-high attitude at just above a stall. Once you learn how to do that, new venues for flying open up.
I have dual rates set on my VIP, but I find I don't use high rates anymore. My low throws are probably just slightly beyond recommendations--enough for fast, smooth rolls and other aerobatic maneuvering.
If I were racing, I would tone my throws way down. But then, it would only go fast and turn left, wouldn't it?
I've never had a problem with launching these fast 400-size ships. Just take a few steps and give it a slight nose up, wings level, hard throw. Keep the wings level as it builds speed and then climb out. You cannot girly throw these models. As Don said, the prop is stalled--the plane needs to be at flying speed as it leaves your hand.
All in all, they're a blast to fly and the VIP is one of the best fast sport fliers out there.
More on the VIP Racer here:
http://www.shredair.com/news.html