That is barely the case, and, if I may be so bold, quite far from the whole truth.
VVT, a generic term used to describe the many different design approaches, and to avoid patents, to VTEC, the original engineering advancement made by Honda in the early-mid 80's and introduced in the late 80's on the Prelude SI, was designed for the sole purpose of increasing performance without resorting to larger engine displacement, loss of drive-ability for a mass-produced vehicle, or tossing gas mileage out the door. How's that for a well-constructed sentence!!
VTEC (not VTECH), standing for
Variable valve
Timing and lift
Electronic
Control, is hailed as one of the greatest advancements in ICE (Internal Combustion Engine) engineering. In a hope of increasing performance, Honda wanted to bring more to the table. Racecars have always employed what we know to be true: Let more gas and air in, get more power out. While so simple in theory, the application of just throwing valves wide-open to drink in the gas and breath in air doesn't work so well. As brennon shared above, gas and air can only flow so quickly. If you've been around a racecar (which do not employ VVT), you'll notice that the engine idles at around 2,000. At this very high idle speed, however, the engine sounds very rough, as if were about to stop because it is starving for fuel (that is exactly its problem at the low speed). The cam profiles are staying open for much longer than the flow of gas and air can enter at the low engine speed.
That does two things we don't like: Kill peformance and obliterate gas mileage. So Honda said, "We need to get those longer cam profiles in an engine when its pistons are creating enough of a vacuum suction to get the right amount of fuel and air in." After years of work, VTEC was born and now we all absolutely love it. It provides that kick-in-the-pants surge of power that says, "Holy ****, there is a God!" as it, quite literally, instantaneously increases power output by as much as 20%.
Gas mileage isn't good when in the longer cam lobes are controlling things, that's why VVT has things set to come in at such a high rpm--while it would be incredibly fun and quite thrilling, can you imagine running on the 2nd cam profiles while cruising down the highway at 70mph in 5th gear (gas mileage = ouch).
So really, what VVT does is put power on-tap when you want to drive it fun. VVT isn't a tool used as a gimmick (it's expensive!) and it certainly doesn't give you better gas mileage. What it does is give you the option of getting near-full potential out of an engine when you really want to.
And FYI, there aren't actually a 2nd set of cams. There are only 2 cams in a 4c DOHC engine. There are 2 sets of lobes on each cam, with the lobes right next to each other. The cam shifts sideways to use the 2nd lobes when the engage point hits. Here is a picture of some cams (B-series Honda motors) with 3 lobe profiles

drool: :bow