Google's obfuscating VM based anti-bot system (BotGuard) was very effective. Source: I wrote it. We used it to completely wipe out numerous botnets that were abusing Google's products e.g. posting spam, clickfraud, phishing campaigns. BotGuard is still deployed on basically every Google product and they later did similar systems for Android and iOS, so I guess it continues to work well.
AFAIK Google was the first to use VM based obfuscation in JavaScript. Nobody was using this technique at the time for anti-spam so I was inspired primarily by the work Nate Lawson did on BluRay.
What most people didn't realize back then is that if you can force your adversary to run a full blown web browser there are numerous tricks to detect that the browser is being automated. When BotGuard was new most of those tricks were specific to Internet Explorer, none were already known (I had to discover them myself) and I never found any evidence that any of them were rediscovered outside of Google. The original bag of tricks is obsolete now of course, nobody is using Internet Explorer anymore. I don't know what it does these days.
The VM isn't merely about protecting the tricks, though. That's useful but not the main reason for it. The main reason is to make it easier to generate random encrypted programs for the VM, and thus harder to write a static analysis. If you can't write a static analysis for the program supplied by your adversary you're forced to actually execute it and therefore can't write a "safe" bot. If the program changes in ways that are designed to detect your bot, done well there's no good way to detect this and bring the botnet to a safe halt because you don't know what the program is actually doing at the semantic level. Therefore the generated programs can detect your bot and then report back to the server what it found, triggering delayed IP/account/phone number bans. It's very expensive for abusers to go through these bans but because they have to blindly execute the generated programs they can't easily reduce the risk. Once the profit margin shrinks below the margin from abusing a different website, they leave and you win.