For those of you who are unclear on why the VASMIR system is so cool, allow me to give you a brief bit of background. Practically every propulsion method developed to date falls into one of two categories:
1. High thrust, low efficiency
2. Low thrust, high efficiency
Generally how it works is that the more power you get out of engines, the less energy you extract from the fuel. This is the case of chemical fuels like Liquid Hydrogen/Oxygen or Kerosine. These fuels provide the massive amounts of thrust necessary to get off the ground, but they burn through their fuel very quickly. Interestingly, LHOx is more efficient than Kerosine, but it's also harder to get as much raw thrust out of it. That's one of the reasons why Kerosine was the heavy lifter during the space race with the LHOx engines reserved for in-space stages.
On the other side of the coin, you have engines like Ion propulsion. These engines are able to inject incredible amounts of energy into tiny amounts of fuel, thus making them extremely fuel efficient. The only problem is that the amount of thrust is very low. Most of the ion engines that have operated to date produce thrust that matches the weight of a sheet of paper. Definitely not enough for liftoff, but perfect for extended missions in space where constant low thrust provides more velocity over time than the chemical engines which fire once, then coast the rest of the way.
The problem with both types of engines is that neither one gets spacecraft to their destination all that fast. Chemical rockets have the thrust to do it, but you couldn't feasibly build a chemical rocket with enough fuel to get you to another planet in a reasonable amount of time. A nuclear pulse propulsion craft could feasibly get fairly close, but it would just have more power in the intial thrust rather than providing a constant, high power thrust. (Obviously these have been discounted over the difficulties of building a large enough craft without using a nuclear ground launch. Nuclear ground launches are a no-no under current test-ban treaties.)
This is where VASMIR comes in. These engines are incredibly efficient. The specific impulse (measurement of efficiency) is between 3,000-30,000 seconds depending on the configuration and current thrust levels of the engine. This compares favorably with the ~450 seconds of shuttle engines and 3,000-10,000 seconds of Ion thrusters. Meanwhile, the thrust of Ion engines ranges from 90-3,000 mN while the thrust of VASMIR is expected to be ~5000 mN of thrust when tested at 200 kW of power.
What this means is that we may be able to build spacecraft where a trip from LEO to the moon is a daily affair and a trip from LEO to Mars takes only a few months (or less!) vs. the current flight time of nearly a year. The better these engines get (and the more we can put on a craft), the faster those flight times will get!