Daniel has made a good point and I should have mentioned it as well. A symphony can be loudness measured over an hour if necessary and still adhere to a target loudness of -23 LUFS. The loud and soft bits won't be reflected in the overall meaurement so much but the whole thing can still maintain a target of -23 LUFS.
The same applies to a rock album that might go through many levels of dynamics and loudness. Overall it too can still target -23 LUFS and there is tons of room for quiet and very loud sections.
The fun will start when we get an idea of how much time can be spent up loud and down soft for a given overall smallish shift of the LUFS level. That will take some experimentation I would say but it will be fun doing it.
I still feel though that good VU metering puts you right in the ballpark for loudness metering. But where the VU is not so helpful is if and when you want to produce a louder section of music.
(for several seconds now, not a transiet I am talking about) If you are working at K-20 to give a 0 dB VU meter reading all is well until you want to make something louder
(for longer) than the 3 dB extra that is shown on the normal VU meter scale above 0 dBVU.
The Orban meter also has a VU meter on board and it is very cool in that regard. You can set it to show whatever you like. For example if you are working down at -20 you can leave it there and it will just peak to -20 on the scale.
(Which is easy to see because the scale goes down to -30) But you can also add 10 dB of gain to that meter so it now peaks up to -10 instead. In this case -10 actually means -20. But there is 15 dB of clear headrom above -10 that can be easily seen making it more useful for loud sections of music if you ever want that. The Orban VU meter will also indicate down between -25 and -30 which a normal VU meter cannot do.