I don't think the VoP is a feat, really... it doesn't give you an extra ability, it doesn't give you a bonus to skills, and it doesn't give you an (unnamed) bonus to a statistic.
It costs a feat. But then, you basically trade it for an exalted feat. So it doesn't really cost a feat.
It's not a template, though that's closer... it's definitely not a prestige class. It's a special thing.
As for munchy. Well, a half-orc makes a good barbarian and a poor mage. Does that make the half-orc munchy? Sure, VoP is good for some classes (shaper and monk), horrible for others (wizard even if you allow them a spellbook). I'm playing a spellbook-allowed VoP wizard right now. +1 bonus to attacks... whooptie. Armor bonus. Greeeaaaat. You do lose a lot in versatility, but more importantly it's a fun character concept.
Though I'm going to petition the archons (AKA DM) to allow me to carry a cure light wounds potion to use on other people. I'm tired of playing the holy man that sits there and says "sorry, can't help". Two more levels until I can get Stigmata...