It has no 'fixed function Hardware T&L' unit, if that's what your asking... but then neither do most current explicit gaming boards.
Just as with the R9XXX line and the GF FX it emulates HW T&L through Pixel and Vertex shaders.
It's pixel and vertex shading abilities are extremely advanced, in many respects they are beyond even the Radeon 9700 series, though they cannot claim full VS/PS 2.0 compliancy.
The VP970 on average performs a bit below the GF2 Pro... though that can vary dramatically.
FWIW, the VP 560 tends to marginally outperform the VP970 in many gaming applications primarily owing to the benefits of SlipStreaming which have been shown to provide considerable benefits in many games.
As has been said, none of the WildCat line is a particularly good gaming card, though the VP series is certainly much faster in games that 3DLabs higher end WildCat 4.