It's a semantic argument. a VCIO is just a veiled attempt at providing some legitimacy to this process. in general, it's not a value add.
IT managed services can be a mixed bag with collective intelligence across strategy, information, technology, finance and with the assumption (I hope) that you have some dedicated assigned to you with a team of people at their disbursal for help. A virtual CIO may also get restrictive in terms of capabilities and reach. However the latter may be more useful for focused help around a finite scope and the managed partner may be too much to onboard initially.