I can't tell you much about the details of the VSS API, but I can give you some advice as an Exchange administrator on VSS backups:
The problem with VSS backups is that they do not perform an integrity check when they backup the IS. The non-VSS backup API will perform this integrity check and saves a lot of Exchange administrators from disasters that would be glossed over by the VSS method.
I also administered a pair of high-end Exchange servers (10,000 mailboxes per server) and the VSS could never find enough quiet time to perform a snapshot. We wound up scrapping the VSS route and going back to non-VSS backups.