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It is possible to have a cam in cam system, and vary the intake and exhaust valve timing relative to each other, dodge does it for the new viper. However, from what I understand, the L99 simply varies the timing of the camshaft. Think of it as advancing or retarding the camshaft as the engine is running based on engine conditions. For the L99, VVT may have more to do with optimizing the engine for 4 cylinder vs. 8 cylinder operation than with anything else, but I am not too sure. If it made a big difference to fuel economy or increased performance, I would think you would have seen the VVT on the LS3.
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