In the Jan/Feb issue of Photo Techniques there is an article by Dickerson and Zawadzki that would suggest that split grade printing is "the long way around the barn".
I have been printing for 40 years. I have been using VC paper for about 20. I have taken a workshop on split grade printing from one of the best practitioners of the technique, and I have read the Dickerson and Zawadzki article. So, here is my opinion (stress "opinion"

) based on all that:
VC papers are very useful, and allow one to do things that graded papers do not. However, the opposite is true, too. Split grade is a technique, and as can be seen by many recent posts, there are variations and adaptations of the basic technique. Some use dicroic filters, some the filter drawer. Some use magenta and yellow, some green and blue. And then there are the fancy, specialized VC heads.
It will not - in my opinion - accomplish anything that could not be accomplished with other methods. But this is true of many printing techniques. However, a number of printers have found it very useful and some have even discovered that it is a better method for their purposes. So for them, it not "a long way around", but a time/paper/frustration saver.
My experience is in using the technique after having learned it from a master. Then I bought the RH Designs timer. (not intended as a plug) I discovered that this timer has a feature where after determining the two exposure times for the hard and soft exposures, the timer will compute the resultant grade. Ignoring burning and dodging at different filtrations, I could then make the same print in one exposure with that grade.
So, I don't use it, unless I really can't get to the contrast I want right off. But, other printers prefer to use this method to determine the proper contrast in the first place. It's really just that, no more. No magic, and no added benefit other than fitting the individual printer's working methods and thought processes.
YMMV
