There's a nice comparison of the VDC on the 350 vs the 370 on Australian Top Gear. Summary of review: Instills confidence in the driver rather than takes away control.
Of course, that is all relative.
Overall, I'd say if it doesn't feel intrusive, don't worry about it, and if it does, just switch it off
I leave mine on when in the rain or if just cruising from point A to B. I switch it off if I plan on playing with the car a bit.
BTW, VDC Off is OFF, but the wheel slip icon will still flash if you lose traction.