I really like VATS and think it’s a nice blend of real-time/turn-based mechanics. Definitely took me a bit to get used to it, but I really enjoy it now and find it to be a unique aspect of the combat in the Fallout universe.
I would say that I like it overall.
I usually have some characters that use it and some that don't. It just depends on where I'm putting their stats and what the goal of the character is.