Also not true - if you go over your allowance everything is throttled. Its also the most convoluted and complex traffic management of all of them. Also - pray that your network segment isn't over congested because VM will take months to fix it.
I've just had a look at their updated policy and it's less clear than it used to be although this is the important bit:
Also, speed is only reduced for the direction a threshold is exceeded – if you exceed your threshold with downloads, your speed will only be reduced for downloading
In effect they're saying that they'll only throttle P2P traffic because that's the activity that's most likely to exceed their fair use policy. They're old policy was much clearer and explicitly stated that web traffic including streaming video wouldn't be shaped. It's a shame they've switched to vaguer terminology.
Anyway, in practice I've never bumped up against these limits or haven't noticed a significant slow down. From memory my 120Mbps service gets shaped to about 75Mbps and it only lasts for an hour so it's not that big a deal anyway.