For example I remember reading on sirlin.net that sirlin used to enter a match and try to do things with Feilong, like seeing how the cr.hp came out. He would notice how they came out and would tell people to change stations if the setup was laggy because his reasoning is that he's been doing this crap all day, he can feel when it is off.
Another example is in an interview with japanese players about SEAM, since the setup was on ps3. It felt different to them because they usually play on 360. They admitted to changing up their style a bit because it would effect everyone's reaction, so maybe they can get away with riskier things.
The VF button setting is nifty and useful for setting up buttons. But it's easy to see why people still check things within a match because they are seeing the results of everything that is set up and feeling it out.