I remember reading a thread on DTR about a guy in Texas who was running a superchips programmer and a Edge EZ or a Van Aken, or some other similar box towing heavy and ended up with a blown head gasket and melted piston crowns. From the pictures, it was obvious that the injectors were spraying out of the bowl.
I don't know enough about VP-44's to know for certain the maximum mechanical limits of the pump to advance timing but if I recall correctly, the pump is capable of spraying outside the piston bowls.
If power does not drop off, you'd have to assume that most of the fuel is staying in the bowl and that the extra power is from the more efficient use of the previously late fueling ie pump stretch.