HT VIP, is the Toyhunters membership card.
For members like me, you get an extra 10% off on pre-orders. If there is an exclusive item, then only VIP members can order that version, but then you give up your 10% discount.
Because of the huge lineups for HT figures, ever since Mark 42, VIP members get priority pre-order. If the figure is announced on a Friday, then Friday and Saturday will be a VIP only priority pre-order, while regular people can line up with the other hundreds of people on Sunday.
Also, the comic-con exclusives, all VIP members have priority to order 1 of each figure. While, starting from this year, regular people can go online and register and they will do a random pick.
They've stopped registeration for VIP's for a good 3-4 years now, and alotta HT fans want to apply. Howard said in the interivew, they DO want to re-open applications, however, there are just too many scalpers. If they re-open it, the risk of another bunch of scalpers becoming VIPs will ruin the purpose, so they need to think carefully how to approach this matter.