I have just completed a careful comparison of dynamic VTF versus static VTF on my SME V with Air Tight PC-1 cartridge.
I can notice a very subtle difference in my system. I hear more micro details, better sense of air and room sounds with dynamic VTF. Bass notes are slightly fuller and more rich. This comes at the cost of slightly crisper, snappier transients, leading edge sounds on cymbals and piano as heard with static VTF.
I would not describe the sound as more relaxed. It is a bit more 3-D and involving for me with dynamic VTF. It is slightly drier, but more exciting with static VTF. Both sound good and the difference is extremely small to my ears in my system. Without doing an A-B-A intense listening test, I probably would never have noticed a difference. The ease of adjusting VTF with the dial is so much more convenient, that for some, this may be the deciding factor, but I don't adjust VTF once it is set. My records are all pretty flat, so perhaps I would notice a bigger differnce with warped LPs as Daniel suggests.
My findings correspond fairly closely to the descriptions from Raul and Daniel mentioned above, but I have strained to reach these conclusions. They certainly have more experience and perhaps their systems are more resolving, so these differences may be more important in their systems and to their individual preferences. I agree with both Raul and Daniel that it comes down to personal opinions as to which is better in a given system and to a certain set of ears. Interestingly, when I started this thread, I thought there would be a more definitive answer.