basically it constantly controls valve timing by means of a computer to most effectivly use the fuel and air. it tries to keep a more efficient burn of the fuel so you can get more power and better gas mileage.
vtec
variable valve timing and electronic lift control
what vtec does is very different, instead of controling everything by computer. with vtec, at a certain rpm, it electronically switches to a different cam, its basically more aggressive which in turn this adjusts the timing. it does not however constantly change things, its an on and off procedure.
mostly marketing. those are terms are just marketing-speak for variable valve timing. i think toyota's is better (for day-to-day driving) because it uses the computer to adjust the valve timing, whereas the honda uses (i think) oil pressure to select 1 of two different cam profiles.
VVT-i is like having a bumpstick with an infinite amount of cam profiles, where it is constantly adjusting for either fuel economy or for power, or both.
vtec is like having a bumpstick wiht 2 different cam profiles, and it just switches back and forth for the correct use. This is sort of like the VVTL-i in the Celica, but only the lift portion.