Back to the thread title, I have bought one VGA graded item. It was a sealed copy of Boxxle 2 for Game Boy. It was graded as an 85, which is ironic because that was what I paid for it: $85.
The first thing I thought was: How the hell am I going to get it out of this shell without ruining it? For those that have never seen one up close, they are sealed in an extremely hard plastic shell. I assume this is so that the game (or, as I like to refer to it, your brick) cannot be damaged without excessive force.
Long story short, my brother was able to get it out by hitting one of the corners with a hammer and then sawing the rest of it. Pulled it out...no damage and it sits in a box protector on my shelf. I left the game sealed and was able, rather easily, to find a loose copy.
My opinion on VGA itself is very similar to a lot of yours. I think in probably ten years, the majority of decent/semi-rare games will be ridiculously overpriced...very similar to what happened with comic books. Just, for some reason, it seems to be happening much quicker for video games.
Jon