For me there are 2 big advantages of PM compared to VNX2.
PM is much more flexible for importing images than VNX2. Files can be renamed based on meta data in the image. Folders can be created based on the meta data too. I typically use the capture date of the image as part of the folder and image name when importing. When doing some brick wall lens comparison I had PM name the file based on the lens and aperture used.
Whenever I want a JPG for computer use or a small print (4x6 in), I just use PM to extract it from the embedded JPG in the NEF file. I don't have to go to an editor to resize and save the image. If I previously edited the file with CNX2, the embedded JPG reflects the results of the last saved edit. I believe VNX2 is limited to simple editing of the original image and will not create JPGs from images edited with CNX2. If I want to crop the image for presentation, I can do it in PM while extracting. Now with PM 5 I can even rotate the crop to correct lines to vertical or horizontal. I can watermark the image while extracting too, and the watermark can be based on the metadata as well.
As other have said PM is fast, and very convenient for rating images and flagging them for post processing.
Gary in SE Michigan, USA. Co-organizer of the Southern Michigan Chapter Nikonians membership - My most important photographic investment, after the camera. D4, D810, D300 (720nm IR conversion), D90, F6, FM3a (black), FM2n (chrome) YashicaMat 124, Graflex Speed Graphic 4x5 My Nikonians Gallery & Our Chapter Gallery