Funny you should mention this. I had my first VIP folder this week, and not elusive at all. Contained were forms which served as a checklist to ensure that all of the proper protocols extended to one bearing VIP status were met. The folder is initiated by the check-in Agent/Concierge (where applicable), handed over to In-Flight, and passed on to the arrival Agent/Concierge and faxed, ensuring a seamless travel experience.
From an In-Flight perspective, it ensures that proper introductions are made, priority service is afforded, and that customer satisfaction verification is assured.