In the previous games, you could enter VATS whenever you wanted, it just didn't really "do" anything if there weren't any enemies around (it would still pause time, basically.) I'm probably not the only one who would occasionally bring up VATS while out wandering, just to see if there was an ambush I was walking into or something.
So I'm curious how that's going to work in the new game. From the sound of it, if you have the VANS perk, then that is activated when you bring up VATS as well. My guess would be that you would still enter bullet time whenever VATS comes up, just that you'd get a highlighted route to your active quest if you had the correct perk.
My assumption is that slow-down is just an innate property of VATS, and that any relevant perks are also activated when you use that. Action Points are only used for actual actions (basically attacks, as far as we know,) so there shouldn't be much of an action point cost in using VATS if you're out of combat.
Though another possibility could be that tapping the VATS button brings you into bullet time and the standard VATS interface, while holding down the button would bring up the VANS interface, sans bullet time.