They are two different roads to the same destination.
According to ohms law watts=(voltage*voltage)/resistance.
Variable Voltage will set the output voltage to whatever you set it to irregardless of the coil resistance of your atomizer.
So if you set 4.0 volts and put it on a 1.5 ohm coil it will output 4 volts to the coil (which would equate to 10.66 watts). If you put on a 2 ohm coil, it still outputs 4 volts to the coil (which equates to 8 watts). If you put on a 2.5 ohm coil it still outputs 4 volts to the coil (which equates to 6.4 watts). Thus as coil resistance increases, and voltage stays constant, you get a cooler vape.
Variable Wattage you set a desired wattage. The device measures the resistance of the coil and automatically adjusts voltage to achieve the desired wattage.
So if you set it to 10 watts, and put a 1.5 ohm coil on it. It adjusts the voltage to 3.8 volts. If you put a 2 ohm coil on it, it adjusts voltage to 4.4 volts. If you put a 2.5 ohm coil on it, it adjusts voltage to 5 volts.
Variable wattage is a little less accurate than variable voltage because of rounding errors in the regulation circuitry not being able to precisely set the voltage and errors in accurately measuring the coil resistance. But these differences are rarely detected by the user.
If you routinely switch between similarly built tanks (like Mini Protank 2's or Iclear 30's) for the same
juice, then Variable Wattage may eliminate some adjustment since factory heads can vary as much as .2 or .3 ohms from the printed ohms listed on the head. So by using variable wattage you allow the device to compensate for these differences automatically without adjusting the device when you put on a new topper.
However, if you use different juice, or use different types of attys, (like Protank, then cartotank, then dripper, then Kayfun) then variable wattage really doesn't do anythingfor you. 10 watts on a Kayfun is great, but would cause juice to burn in a Protank. So you still have to adjust up or down.
The important thing is pick one or the other (they are mutually independent), start at the lowest setting and then adjust up until you get to a number you like and then remember it. You will soon get an idea of what you like and will instinctively set the device without much thought.
I like 10 watts on my Kayfuns. On my MVP, I set it for 10 watts and don't worry about it. On my ProVari's I measure the resistance and add 2.5 and that gives me a voltage that approximates 10 watts.
YMMV.
EDIT: There are limitations to this based on the MVP's regulation circuitry.
1. The MVP is incapable of adjusting the voltage below 3.3 volts. So if you set a wattage on a low ohm coil that causes the applied voltage to be adjusted below 3.3 volts, the MVP will simply fire 3.3 volts and your power will be whatever 3.3 volts on that resistance coil will deliver. (For example if I set the device to 6.5 watts on a 1.5 coil, it would require an output voltage of 3.1 volts. The MVP can't go that low so it would provide 3.3 volts, resulting in an output of 7.2 watts even when set to 6.5)
2. The MVP is incapable of adjusting the voltage above 5.0 volts. So if you set a wattage on a higher resistance coil that would require more than 5 volts (10 watts on a 3 ohm coil for instance requires 5.47 volts) then the device only fire 5 volts to the coil even though 10 watts was set on the device (this equates to 8.33 watts)
3. The MVP has an 11 watt "limiter" even in Variable Voltage mode. If you choose a voltage that would yield MORE than 11 watts to the coil based on it's resistance, then the MVP will adjust voltage only to what would produce 11 watts, even if you have voltage set higher. So if I try to set the device to Variable Voltage of 4.3 volts and put on a 1.5 ohm coil, the resultant wattage would calculate to 12.32 watts which is too high, so the device would actually lower the output voltage down to 4.0 volts even though it's set to 4.3.