The article is about Choosing between VCL.NET and WinForms but it provides a very good summary of VCL.NET as well. There are also some very interesting thoughts in the (rather long) feedback section.
On the same topic, consider also my paper for borcon and its video.

I'm really very positive about the present and future of the VCL (and the new components in Delphi 2006 are very relevant), both for Win32 and .NET. I consider it a strategic asset for Delphi and I'm glad Borland now seems to think the same (after a couple of years in which the VCL future was under consideration). Long live the VCL!