If you've ever been sat behind a pair of GE90s when a step climb has been initiated in VNAV, then you'll know about it! I don't know what is more startling, the roar as they spool up or the feeling of doom as they return to cruise thrust and you have the sensation they've both failed!
Of course every situation is different, but my preferred option is a carefully monitored step climb using v/s, usually around 500fpm. Keeps the noise down in the back allowing pax, and crew in the bunks, to snooze undisturbed. If the situation warrants VNAV though, then VNAV it is.