It should work very well. Especially if you can place the base station on any device attached to the MoCA network. If you were limited to only putting it at the Hopper I could see that being a problem. But in theory, if you had a Joey/Super Joey in one room and wanted to put a wireless one in the next then unless you have rock or metal framed walls then it should work great. If you are trying to go from one side of the house to another though there could be issues. But then again ANY wireless system would.
I think the idea behind the Virtual Joey is to allow you to use existing hardware you already have. Not to get you to go out and buy something new. Why would you do that? Just buy a real Joey.
Vevo uses YouTube as it's backend. If Google wasn't so insistent that they control the YouTube UX on TV I'd predict a Hopper YouTube app was in the future.
I was sending the link to bluegras who was asking what it was and thanks!!