Exterior humidity makes no difference to you inside a VBL. Without a VBL, the exterior humidity will affect the evaporative cooling rate to some extent (presuming I recall vapor pressure correctly from school 25 years ago).
I would suggest that a VBL might be even more useful in a humid environment because it's that much harder to keep your gear dry.
In my experience a VBL is quite comfortable when the sleeping bag would have been a bit chilly otherwise. I keep hearing that they're only useful below "freezing" but I haven't heard why. Wouldn't it work at 40F in a very thin bag that's normally only good to 50F?
I suspect that part of the advantage of a VBL is that it fills with methane gas which must insulate better than normal air. It's always fun to open it in the morning and experience all the night's flatulance at once!

