On the 777, the FMC provides the Vx, which is usually around 240-270 kts. Vy is Vref30+ 140 (which is also Vcl + 60).
We use them in the standard way- to meet a lateral requirement (cross X at or above Y) we use Vx, to meet a time requirement (expedite trough X leve) we use Vy.
V2 IS the best speed to fly for obstacle clearence after takeoff, as the acceleration segment to get to Vx would rob to much distance, which I think is what Genghis was alluding to.