VSTHost is similar to SAVIHost but can host multiple VSTs and link them any way you like, both the audio and MIDI chains. So yes, being more featured means it is necessarily more complicated, but not terribly so.
I use it for making non-standalone instruments standalone, just like SAVIHost. But whereas SAVIHost has you rename its exe to specify the plugin (and has to be located in the same folder), you load VSTs into one copy of VSTHost as you would with a DAW. What we'd call "projects" VSTHost calls "performances" that can then be saved and loaded.
One downside compared to SAVIHost is that I have not found a way to specify a performance on the command line and therefore can't have separate desktop shortcuts for different instruments, but I gotta imagine there's a way to do that. By default it brings up your last performance, but loading another performance is quick. And you can have multiple instances if you're using VSTHost for live performance with multiple instruments. You can also select performances via MIDI patch changes.
The reason I switched to VSTHost from SAVIHost is that I wanted to follow my instrument with an EQ. My amplifiers are a bit bass-heavy, so adding EQ lets me roll off some bottom to keep from stepping on my bass player's realm.