Orly... i-VTEC is the next evolution of the VTEC3 & SOHC VTEC.
while the old VTEC only has cam-changing, the "i" adds variable cam-phasing to the intake valves.
with this it actually improves the powerband of the engine (notably torque output), giving the engine much better response even at low-rpm situations.
and yes... VTEC has just two cam profile. nothing spectactular. once the rpm hits 5000rpm (and assuming that there is enough oil pressure & a warm engine) it'll change to the more aggressive cam.
as for the comparison with the DOHC VTEC... well... the DOHC VTEC does have a higher hp output but at the expense of a gutless torque output plus it won't pass current & future emmission standards. I suspect that they toned down the previously very aggresive cam profile of the DOHC VTEC for use in the new R-series (with i-VTEC) engine.





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