Well, people that know me on the forums, and in real life, know that I am one of the BIGGEST VHT/Fryette Fanboys around!!!
I use a VHT stereo rig, consisting of an Ultralead and a Deliverance 120 head,, running through 2 Deliverance 4x12's. I have owned everything under the sun, and for ME personally, the VHT/Fryette stuff is my sound, and are absolutely the best sounding amps on the planet. They can give you the most hellish tone on earth, or have the sweetest singing lead tone, yet they are always the clearest amps out there. There is no mush, no flub, no nothing. The biggest reason being there poweramp sections are HUGE, with never ending headroom, and no breakup. Thats why they use KT88s in alot of their heads. There poweramps are bar none the best on the planet, and the industry standard. If you get a chance to play a CL100, or a UL, run the master volume (the knob alll the way to the right) up around 2 or 3 oclock, and use the channel volumes as your volume control. This will bring the amp to life at low volumes.
I have been through Engl, Splawn, Marshall, mesa, numerous 5150s. bogner etc, and to me, I feel at home with VHT. There tone is just incredibly organic, raw, and huge. My friends boogie markIV literally sounded like a toy compared to my Deliverance 120 running next to it (again, personal opinion :P ). You definetly have to use there cabs to get the best sound out of a VHT/Fryette head though, more so than any other company I have come across. Like, REALLY......USE THEIR CABS WITH THEIR HEADS!!!
Oh, and no there is absolutely NO difference between VHT of the past, and Fryette of the present, they are the same exact amps, just with a different name.
*EDIT* Also, they are the most unforgiving amps you will ever play, and also probably the absolute tightest amps, nothing I've heard or played is as tight or as unforgiving. If you suck, you will suck worse with one, if you are good, they will make you sound amazing: Really an amplifier that rewards the player .
Most clips online do absolutely NO justice of these amps at all. NONE. check out netmusicians.org, there are a few pretty awesome Fryette/ VHT clips there though. I'll drop a link to a few good ones