I think VS has gotten super good these days, which I like. I always loved playing her.
Late in the game nobody wants to kill you because of the huge 36% debuff so you can just wander around with complete impunity. The bonus range to swap seems tiny but it's a pretty big thing for people used to VS. Heroes that used to be "just out of range" are now fucked. I've played her a fair bit since the change and I've almost always caught people now with my low level swap. I think this has something to do with her autoattack range and the resulting positioning it places VS at. E.g: I rarely need to "run forward" before doing the swap so enemy players can no longer see me telegraphing my attack. Unless I'm running from really far away.
She's also one of those supports that become fearsome in the late game. Her huge (and it really is huge) damage buff is crazy strong when everyone is maxed out and in a phase of the game where being out of position for even one second = lost game, it's literally all she does. Unlike Batrider her displacement is completely instant and presents the enemy team with a big dilemma. You can kill VS in return for the target but then your whole team does almost half damage, or you can let her go so she can do her shenanigans again. Also unlike Batrider, she can and will also constantly save her teammates. The cooldown is so short that she doesn't need to think about it at all. Pudge hooked someone? Swapped. Drow got someone stuck in slow arrows? Swapped.
Then there's her armour debuff, another amazing late game skill and great for Roshan.
I think the best part about her is that all her skills are so low cooldown and use quite little mana, which means you are always doing shit on VS. Also Icefrog gave her blink dagger. No words can explain how massive a buff this gives her. Blink dagger VS is just crazy. The initiates are so brutal and quick most people don't even realize they've been swapped and are about to die. Her range really is absurd. She can mark someone to die from 2400 range away. TWO THOUSAND FOUR HUNDRED! You literally won't even see her in your screen before you get swapped. I remember one of my greatest ever swaps to catch a fleeing Naga Siren was a force staff + blink + swap. I traversed almost 3000 units in less than a second. When I watched the replay, the Naga Siren didn't even realize she was caught.
I've also noticed that regarding the dilemma of killing VS, enemy players are generally willing to make that trade, but only if it's easy. For example, I've rarely ever seen the enemy team expend stuns to kill off my super swap. So whenever I buy a ghost scepter it's like I'm immortal. Or at least immortal long enough to escape or make them change their target to someone else.