Some thoughts on the subject.
First, there is a characteristic of many VC papers to merge mid-tones at one point in the curve when used at low-medium contrast.
See here:
http://www.google.at/url?sa=t&sourc...04T9BA&usg=AFQjCNFlPTzBZHQpSs0KP-KK3oxSdSie6g
This alone is enough for me to use graded paper as much as I can, especially for low and medium contrast grades. I print primarily on graded paper and keep VC around for some prints that need it (e.g., if I need a lot of contrast or to split-contrast print).
Ctein noted that some VC papers have a sharpness problem caused by the near ultra-violet part of the image focusing at a slightly different plane than the green part. This seems to be an issue with enlarging lenses and, as far as I know, most modern, quality enlarging lenses focus the UV and visual parts of the spectrum at the same plane. Nevertheless, when I read that, I was happy I didn't have to test my enlarging lenses...
On to what Vlad mentioned: With stained negatives, especially those developed in pyrogallol (less so with pyrocat negs - See Sandy Kings articles on UnblinkingEye.com), the stain increases contrast and separation on graded (blue-sensitive) papers, but acts as a progressive "soft-filter" on VC papers. This means that a pyro neg will print significantly differently on graded paper than on VC. There is no implicit advantage in either one, rather another option for getting a great print. If I need a lot of highlight separation in my print from a PMK neg, you bet I'll be using graded paper. If, on the other hand, I want to soften the highlights and keep shadow separation, I might try the print on VC paper.
Since I am dialed in with graded papers from pyro negs, I don't really want to switch. I tend to keep some VC around, but use it only rarely
Fortunately, there are a lot of good graded papers still available. I prefer white, not warm paper bases and papers that tone to just a hint of eggplant in selenium.
The aforementioned Slavich is one of my favorites. Lately I have been loving the look and surface and depth of image I get from Adox Nuance papers - really beautiful, and nice subtle tone changes in very dilute selenium toner.
I use Oriental G papers as well, but like them less since the reformulation since they do not tone as well as the old papers did.
The Foma graded papers are also very good; a bit warmer base, but still very clean. Gallerie is nice, but I haven't used it lately.
There are others as well. A look at the Freestyle website will give you an idea. Other dealers have some others. Graded paper is far from dead.
However, dealing with intermediate contrast is more difficult with graded papers (you need to split-develop, etc. instead of just changing the settings on the dichro head...) and there is no possibility at all for split-grade printing. And, one needs to keep a rather larger stock of paper on hand, at least two grades and usually a couple of different brands where with VC you could get by with just a couple boxes.
So, I'm not going to tell you that graded paper is better than VC ... it's just different. For me, especially due to the possible mid-tone mergers and the way VC responds to pyro negs, I'm going to stick with graded papers. Mostly because that's what I've tailored my negatives for, and I'm getting good results.
Best,
Doremus Scudder
www.DoremusScudder.com