Late to the party here, but in my group's experience the WP/VP system produces the 'every fight in dangerous' feel quite nicely. But the ultimate effect is hampered by the other problems in the d20 SW system. Attack bonuses far outstrip defense bonuses at higher levels, making almost every attack a hit and almost every threat a critical. There isn't an 'avoid crit' use for Force Points (unlike Eden's much superior Hero Points system as used in Buffy). Threat ranges are too easily increased through Improved Critical and various prestige class effects. Poison (which requires WP damage to take effect) is useless while stun damage (which bypasses VP and WP entirely) is overpowerful as written. Stacking lightsaber damage bonus dice mean that any lightsaber crit at higher levels is almost guaranteed to be fatal. And so on and so on.
Our group has house-ruled a lot of these issues, and we now have something that, while it's not really Star Warsy, at least functions ok. There are still problems - the attack/defense imbalance is the biggest one, but every system has it's issues. I'm not sure the VP/WP rules (taken in context with the rest of the ruleset) are cinematic enough to do justice to Star Wars, but for creating a genuine sense of threat and deadly combat, they work admirably.