there's a video of Bonchan using VT2 but he has no idea how to use it yet so it's not worth posting.
VT2's dash and cancel is so far its most important use. you can extend combos with it but it scales heavily. for example, ending with m/h sonic scythe xx VT2 cancel, any kick, HOLDING FORWARD and punch, juggle with CA. at the very least doing this extender pushes the opponent to the other side of the screen and leaves you with enough VT meter to go for one more dash.