The VR sampling frequency is 1000Hz (according to a VR article by Thom Hogan), which means that the highest signal frequency that can be sampled is 500 Hz - 1/500 s according to the Nyquist Theorem. However we do not know which countermeasures Nikon has put in place to avoid that VR goes haywire beyond that shutter speed. In my own experience the VR on the 300 PF works well up to 1/500 sec. Beyond that it would not help keeping the exposure steady but I find that the Sports Mode is a great help for aiming though the viewfinder and keeping focus point on the target; I have hardly seen any detrimental effects up to 1/1000 sec. At 1/1250 sec, I have seen signs of background artifacts, although nothing horrible. at 1/1600 second I would likely want to turn it off. This is all handheld with the D7100 and lens collar mounted, other bodies could perhaps respond differently both technically and with respect to physical interactions.
I do not think I have ever seen bokeh effects that can be ascribed to the phase fresnel lens element in any normal captures, however if one really go for it one can create a nice phase fresnel ghost in IR as in this false color rendition:
NIKON D40X IR-720nm, AFS 300mm f/4 PF VR @ f/4, 1/400, ISO 100