It has nothing to do with Toyota's VVTL-i system. It's just variable valve timing, or VVT. Most cam-phasing systems share similiar names since they all do basically the same thing.
Many modern engines have it, some systems are more advanced and do more than others. The VVT system on this engine is pretty simple cam phasing. It alters the degrees of the intake and exhaust cams relative to the crank, independently and based on engine RPMs and throttle position. The cam phasing is altered in steps at various engine RPMs and you can hear and feel when the timing is advanced each time under WOT acceleration. My mom's Bravada has a similar system on the exhaust cam only and you can tell at 3 points in the RPM range when the cam is being advanced to better suit the engine RPMs, it's pretty cool.
The Toyota VVTL-i system is more advanced (and expensive I'm sure), as it advances or retards the cams in a continuous arc; there are no "steps" or points when the cam is advanced, it's constantly changing with engine RPM and throttle load. On top of that the cams can be moved closer or further from the valves, which is where the "L" comes in; this alters the valve lift in addition to the cam phase changes
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