The VMAA26 is tiltable, ie. You can make the tv face downwards or upwards, and extends from around 4" to 25" from the wall itself.. The thing you can't do is twist it, ie. have the left side above the right side with the tv sloping from left to right at a 10 degree angle. Pretty much the most adjustment you have this way is a degree or so either way and this is actually achieved through repositioning of various parts of the mount as opposed to an actual adjustable setting.
Barring that it's great and as long as you get the wall plate exactly level (presuming you want the tv to be level) you're all good.