You need to remember that USH is quite a bit smaller than Island of Adventure. While the Florida parks are predominately for Amusement, Universal here is still a major working stuio (Doing tons of productions every day, as opposed to a couple at USF), and that is its prime purpose.
Technically, USH has 14 attractions, here is the Breakdown.
RIDES
Back to the Future - Ride - Fun - Go - MUST! - Sit in the front row of your car, especially if you're tall, otherwise you'll hurt yourself.
Jurassic Park - They added more water this summer so you'll get wetter. This will have the longest line in the park.
E.T. Adventure - Ride on bikes like E.T. - This has the most deceptive line in the park, as you wait outside the building then wait inside. Of course, this has a really intricate queue, so you may want to see it.
Studio Tour - Tram is mandatory, takes about half an hour.
THAT's IT! 4 real rides - So you need to weigh whether the VIP is worth it on the rides.
ALMOST RIDES
Terminator 2: 3d - Same as USF - Funny Preshow - About a 20 minute show.
Mummy Returns : Tomb - A Halloween type walkthrough maze. Very dark, big noises, not appropriate for kids (and some squeamish adults) at all. To me, it was pretty tame after being to 4 years of Knott's Halloween Haunt, but when I bring friends, they freak - It's fun!!!
Backdraft - To me, is the biggest letdown in the park. All of the guides have always blown it way out of proportion. Don't get me wrong - it's cool to see all the pyros, but the rest of it makes you say, "eh...what's next".
SHOWS
Spiderman Rocks! - Decent stage show that lasts about half an hour. I personally didn't like the actress who played Mary Jane (was a little over the top), but it is still worth seeing.
Waterworld - Fun show, don't sit in a splash zone if you don't want to get wet. About a 25 minute show.
Animal Planet Live - See animals do tricks. About a 20 minute show.
Special Effects stages - Learn how foley is added, how miniatures are used, and others. Good for audience participation, but you must get there early to go on stage. Takes about half an hour.
Blues Brothers - A jazz music show.
WALKTHROUGHS
Nickelodeon Blast Zone - Basically a place to get wet - some folks spend half an hour, some don't go at all.
Lucy: A tribute - See some props from I love Lucy, and some history of the show and her life.
If there are things you aren't interested in doing, then don't go for a VIP, however if you want to do all 14 attractions and shows, then maybe it will be better.
Just depends on you.
Best of luck
~Tina