OK I just tried my VMS4 through the PA in analogue mode, using a CD playing on a Pioneer CDJ-400.
No distortion, no problems with VU meters.
Maybe others are running things with gains too high...
If I was to be picky, there is a lot of digital dirtiness/noise from the mixer, but it's only audible if you have the volume high enough, which would be ear bleeding if you played audio!
Listening in isolation with everything full up, each channel has its own hiss/buzz, which is much louder on channel 4 (closeness to the power supply?).
That muffled thumping sound that I mentioned before is there too, as if there's a little man trapped inside, trying to get out.
Pressing the cues changes the hiss sound slightly. Switching in the mic channels is REALLY noisy.
The good thing is that turning up the master volume does not introduce extra hiss, which a lot of cheap mixers do.