VA (Vertical Alignment) technology such as S-PVA/MVA are middle of the road LCD panels. They offer better color reproduction and wider viewing angles than TN panels, but have slower response times. They are very similar to S-IPS on paper. They also offer large viewing angles and good color reproduction, though not as good as S-IPS. The response times are generally worse than TN or S-IPS panels and there have been reports of a few panels that suffer from input lag, so VA technology may not be the best choice for fast paced gaming.
VA panels have the advantage of higher contrast ratios compared to other panel types, which leads to better black levels. The biggest disadvantage of VA based panels is color shifting. Color shifting is when the image viewed from one angle changes or "shifts" when viewed from a slightly different angle, making various uneven brightness levels across the display. This bothers many users to the point they will not even consider buying a VA based panel, while other users don't notice/aren't bothered by the color shifting. Color shifts also cause a loss of shadow detail in dark scenes when viewed directly from the center. VA panels are much easier to find compared to IPS because so many manufacturers use them. They offer better image quality than TN at lower price than IPS based panels.