Magnus said:
At any grade. Riders will have a particular grade at which their VAM is maximal, with falloff at gentler and at steeper grades, but then their watts/kg. also falls off. To reiterate what I said in an earlier post, VAM is directly proportional to watts/kg. You can, and usually do, calculate watts/kg from VAM values, excluding some factors that are generally quite minor. So, e.g., if you look at Science of Sport analyses (or any others) of particular climbs in the Tour, they will use VAM values to calculate wattage outputs of the various riders. Usually in such analyses, they calculate a value for a rider of a fixed weight, such as 70 kg., so you will see values like 390 watts or 425 watts, etc. But they arrive at these values from watts/kg. values, which are then multiplied by a constant like 70 kg. to give total watts. These watts/kg values in turn are derived from VAM values.
So if two riders finish together on a climb, they have the same watts/kg as well as VAM. Pantani was generally a better climber than Ulle (who was no slouch at that, of course), and this can be attributed to his lighter weight and greater watts/kg. But when they stayed together on a climb, they were putting out identical watts/kg numbers.
Of course, watts/kg can be measured more precisely in a laboratory, but out on the road in a race this is generally not possible, and VAM gives a very close approximation, if the climb has no false flats and is in a common grade range for its entire length.