Personally I like the fact the ref has to make a call - it makes them accountable and provides their bosses with tangible MI on their performance - I would like to see that MI though and see which refs send the most up to the VR and see what their success rate is with their original calls.
What it also does is minimise the impact not having a VR at every game has - as if the game isn't televised, the ref has to make a guess anyway - so in the 50/50 decisions where there is no conclusive proof, the same decision would be given regardless of whether the game is televised or not.
There could probably be some tweaks to the level of 'conclusive' evidence required to overturn the decision, but the looser you make that interpretation, the more pointless the on field decision becomes.
The real answer though is to have a VR and appropriate cameras at all games or scrap it completely. It will also be interesting to see how the 'bunker' works in the NRL this year.