The Virtual Stick controls are basically the same as if you are using waypoint. The camera triggering and everything is handled for you. Aside from the corners being flown a bit differently it will all act the same as long as you have a solid RC connection.
Terrain Awareness and all of the usual features will work. STI is not available as an option.
It also fully works in the Simulator too so you can see how it will work before heading out into the field.