You could also break into the VPN company's servers and do interesting things too. There's also the possibility of timing attacks to determine the real IP address of the VPN user, although that's fairly a sophisticated method and quite difficult to do.
Bear in mind that this presentation dates back to 2008, which is a long time in tech years. Who knows what they're capable of now. All that's known is that they're not capable of less.
VPNs are useful for three things: protecting yourself against relatively unsophisticated bad guys sniffing traffic on a local network (for example, an unsecured wireless network), bypassing geographic content restrictions (e.g. using Pandora in Sweden), and circumventing ISP traffic shaping (often they'll not shape VPN traffic because it's used for businesses, and businesses can be whale customers).
[-1] http://en.wikipedia.org/wiki/Device_fingerprint
[0] http://blog.calyptix.com/2012/08/pptp-is-so-insecure-it-shou...
If the only thing they're dealing with is VPN's used as a private proxy for access to the public internet, you're right, and if so it's not so troubling (well, as in it is "only" just as troubling as having them access everyones web traffic).
But arguably most VPN traffic is exiting inside private networks and are intended for machines within those private networks. If they are capable of breaking or circumventing the crypto of those, then that's troubling at a whole different level because it potentially means massive unknown weaknesses in either specific crypto products, or in algorithms that have been assumed to still be reasonably safe.
Security's dirty secret is that security is an unobtainable goal. The goal of designing secure systems isn't to create something impenetrable (i.e. secure), but something that's almost impossible to penetrate. 100% secure systems are about as common as rooster eggs.
I took that to mean establishment of VPN connections, rather than companies operating VPN services.
Of course total security is impossible. But it would still be troubling if breaking common VPN services is not only possible but also doable with small enough resources that "any analyst" at NSA can just request it.
But that's actually the one thing that makes the most sense now:
"Show me all the VPN startups in country X, and give me the data so I can decrypt and discover the users"
Does this mean using VPN is not very safe from dragnet?