Oh yeah, people thinking that VPNs are the end-all of Privacy and Security against eavesdropping in the Internet aren’t really informed enough to understand that there are quite a lot more attack vectors than just a person’s IP address.

That said no-logging VPNs do remove one from the “low lying fruit” category for things like legal companies sending “gimme money because we detected you infringing our copyright” letters to people doing file sharing using things such as bittorrent. This is because they remove the easy way for such companies to get a person’s information when detecting file sharing from a specific IP address: one thing is getting the target by a process as simple as sending an e-mail to a local ISP demanding the identification of a user using a certain IP at a certain time due to copyright infringement (using the laws made for just that purpose during the last couple of decades in several countries), a whole different ball game is to first having to get a Court Order in an altogether different jurisdiction to force the VPN provider to install some kind of wiretap-equivalent to catch such a user at a later time for a case of Copyright Infringement - it costs way too much, takes way too much time and has way too much risk of being laughed out of court (methaphorically speaking) to be worth it for a case of non-commercial Copyright Infringement, especially if there is an overabundance of easier targets.

As with everything else in this world, VPNs are good tools for certain jobs, not some kind of silver bullet for Privacy and Security against eavesdropping.