This should clear it up:
www.realtor.org/realtororg.nsf/pages/VOWintro Basically if you show MLS listings to anyone who surfs to yoru site you're still in the IDX realm, but if you require visitors to sign in then you're a VOW.
NAR isn't forcing webmasters to make surfers sign in - they're trying to regulate webmasters who do so.
Where it gets interesting is if you had a two layered approach. Maybe you show a limited version of your IDX feed with a picture and description to any Tom, Dick or Harry who surfs by but you only reveal the listing price if they register. Maybe you have a button "Click Here for Listing Price" and when they click it a form pops up that says "enter your name and email address to be eligible for full access, and by doing so you agree to be plced on our exclusive mailing list." You reason to yourself "I want to build an email database and if these surfers want the lusting price then I want their email address." Poof, you just became a VOW.