This is an old thread started when it was incorrectly assumed that VPS/Lightbridge were not separate boards. There are other more recent threads with pictures, etc.
If I recall correctly from back when it first became known that the boards were indeed separate, the guys who removed the VPS board noted that when it was turned "off" in the app it wasn't fully powered down. They were pulling it to save power more than to save weight. An important note is that since the FW looks for the VPS module when you are updating, the VPS module needs to be put back on until the update is complete. It can then be safely removed again.
Disclaimer - I havent removed my VPS, so I am just recalling the other posts from people who have successfully removed theirs.