Having played a few hours of Fallout 4 i don't really use VATS anymore, or just in very specific situations.

With the improved shooter-gameplay VATS doesn't really give you any great benefit anymore. It's not more accurate, like it was in 3 and NV, because shooting normally is just as accurate now. In fact, shooting with non-automatic rifles, i found that i was actually way more accurate just shooting myself, then when using VATS.

In 3 and NV VATS was usefull, because shooting yourself wasn't very accurate and you paid for that accuracy with your action points. Now you still have to pay actionpoints to use VATS but are actually less accurate when using it.

VAT has some benefits. Its nice to get in headshots on moving targets at close range.

Also then getting surprised with an scoped weapon. Her you can either shoot from the hip, swap weapon or use VAT.

Last bloatflyes who attacks and spit on you are very hard to hit.

VATS is still useful, and can actually be better than human aim. You need to spend some time to invest into it, just like the other games.

I use Vats more often than I had in FO:NV. Because just about everything with legs can kick my rear up and down the wall all day long.

Ghouls' movement is irregular, and quick. Making it hard to get a shot on them before they gang bang you.
VATS can help you locate a hard to find target.
VATS guranteed Crit is useful for changing the tide of a battle.
Mysterious Stranger only appears in Vats.
VATS can help you track the more annoying buggers, and also target certain body parts. I'm not going to say where this is important. But A lot of things in this game actually has a discernable weakness.
Vats can help you nail shots with rocket launchers.
etc...

I seemed to have a hard time hitting roaches that got right up to my feet, for some reason but VATS took care of them handily. I still need to work on the keybinds to make it efficient to use, though.

And one tricks I use then I know its an enemy nearby is to activate vat just to see his location.

Its an perfect sniper detection tool.

I believe critical hits only works in VATS now. So no lucky shots of you don't use VATS.

Vats might be more useful on console than on PC. Because there doesn't seem to be aim-assist the gunplay is very subpar compared to shooters like Destiny or Doom. On PC you wouldn't suffer from this as much (mouse >>>>>>>>>>>>>> controller when it comes to shooters).

I still enjoy using it sometimes, even though it doesn't stop time anymore it is a good way to get a small breather mid-battle.