There seems to be more and more interest in directly trading the VIX lately. I've not succumbed myself, but of course am a keen observer. The most sensible commentary does not come from Bloomberg or the clowns on CNBC, but from Adam Warner's Daily Options Report and Bill Luby's VIX And More. These guys do actually trade, contrary to what on suspects with the MSM pundits.
There is a good post today over at VIX and More on how to trade the VIX - worth a gander if interested. How to Trade the VIX.