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So can anyone help me out with determining the difference between an MG65 and an MG65/VSP?

They are definately two different models, the MG65/VSP is about 40,000 more yen than the MG65

Is it a body wood difference? MG65 is available in Dakota Red, Olympic White and Daphne Blue (US Sonic Blue actually)

MG65/VSP is available in Olympic White and California Blue (which to me actually looks like real Daphne Blue)

VSP:

VSP are premium Japanese Fenders.
They come with nitro finishes among other things, that solely makes them more vintage correct.
The only prob is that they cost almost double as "normal" model which makes them... a bit expensive .

AFAIK.