Here's a nice video and explanation of how Vtec works.
V-TEC isn't really an accurate description for the system built into Honda engines, but it sounds better than "Variable Valve Timing and Lift Electronic Control".
Basically, Honda has engineered a system where they can vary the intake and exhaust valves opening and closing to adjust for the demands placed on the engine for power and torque. I've never driven one, so I can't say from experience, but I'm guessing that the "turbo-lag" effect is probably not noticeable to most people during "NORMAL" operations. I'm sure that there would be some small delay in a high-performance acceleration situation.
It's a valve timing system found in Hondas. On older Hondas the valves would completely open after hitting a certain RPM, creating a sudden power boost. But now since honda wants to be Eco friendly, vtec slowly kicks at low RPMs so you don't hear/feel it anymore.
If the oil and filter are not changed every 3,000 miles tarnish builds up in the solenoids and actuators that control and change the valve timing. Any motor with variable valve timing will start throwing codes and run like junk once the tarnish starts to build up. It gets very expensive to replace the parts and clean the oil passages to repair the problem. Honda's also are well known for needing valve adjustments every 60,000 miles because the valves get tight and cause power problems in the motor.
Why does this engine have almost like turbo-lag when its naturally aspirated? you know the saying "VTECH KICKED IN YO"
