In Canada VUL is called Universal Life. You've obviously been reading up on a US site.
It's not win-win. If that were the case everyone and his dog would have one. However, if used properly, and IN CERTAIN CASES, they can be a good product to have, and are the best option.
Besides the investment vehicle, it does take care of insurance needs that, contrary to what a big chunk of the public thinks, most people need when they're younger and not when they're older.
I do sell these policies here and there amongst my clients. They're not a be-all-end-all, but they definitely have their place.
If you want more information, PM me.