A well stated video but even IF VGA's grading services add no legitimate value or protection to a service, I don't think that the term "pyramid scheme" is accurate.
Yes, they're advertising a potential increased return on your game investment through giving it the VGA service, but VGA are not enlisting buyers of their services to go out and recruit others to have their games VGA graded for some type of tiered or incentivized pay-out.
So, clearly some questionable practices examined, but I don't think it's a "pyramid scheme" proper.
http://en.wikipedia.org/wiki/Pyramid_scheme
Personally, I don't have any vested interest in VGA or VGA related activities since I'm not a sealed game collector and I don't ever have any valuable sealed games to sell.
Also, I wish the VGA would be more public/transparent about themselves and the services that they offer. Not sure if that would make anything better ... but being clandestine about stuff like this and professing to be an "authority" while simultaneously not participating in industry events or public things ... you're going to rustle up your critics pretty quickly.