Olink,
Actually it's not a matter of preference to design a VFT bow with a deflexed riser........it's a problem with simple bow geometry.
Bowtech is building most of their bows around VFT platforms, and with this style comes very laid back limb angles. To accomodate the limb angles, and still keep speed average to above average a certain amount of reflex is necessary.
If you were to put a 40+degree limb angle on a deflexed riser bow you are looking at abnormally high brace height measurements with limbs of any length.
It's simple to see if you just draw yourself a rudimentary picture........draw a simple deflexed riser, and then a riser with a moderate reflex, and then add the same limb length and swept back VFT angle to both drawings and you'll quickly see what I mean. You certainly wouldn't see such a design on a short to mid length bow either.

It comes down to a compromise of recoil and noise reducing VFT limb angles VS the necessary more conventional straight up limb angles of yesterday's compound bows normally associated with a deflexed riser geometry.

I don't think many people but spot shooters would be interested in a 40+" VFT style bow with a 10 or 11" brace height shooting about 260 IBO.

Actually the Hoyt Protec you mention compares pretty closely to the Bowtech Constitution in specs.........

Protec = 37.5 ATA w/ XT2000 limbs, 8 1/8" brace, and 300 IBO. (1/2" deflex) (292IBO w/ XT3000 limbs....I believe the ATA goes up with the XT3000's as well?)

Constitution = 40" ATA , 8 1/4" brace, and 300-308 IBO w/ full string. (I don't have the measurements but the riser I think is at the very least of neutral geometry)

The BowTech does possess more of a laid back angle with shorter limbs. The Constitution should be one heck of a good shooting bow, and sounds about as close to what you want that BowTech offers for 2005.