MSUJenn and Verper have both been using this method. I'll let them give their own descriptions.
Reefman, sometimes there are circumstances where there is no easy solution to the algae. For instance, bubble algae can live in low nutrient systems...some forms of byropsis aren't killed easily, and some people just want different colors from their corals. Additionally, sometimes rocks leaching phosphates isn't an easy thing to fix either. Vodka/Sugar/Vinegar dosing is sometimes an option that works for people.
However, VSV shouldn't be attempted if you haven't exhausted every other option. It takes lots of dosing, lots of testing...and if you aren't willing to check out everything on your tank...this isn't the method for you.
I tried to Blu Coral Method (which is high nutrient + sugar)...and it worked beautifully. However, it was a lot of work, and my skimmer wasn't up to that sort of bioload. My colors haven't been the same since I went off of it, but they're still beautiful...so I'll settle.