Zen:
While I generally agree with you, I think you're missing a large part of the point.
You and Norfleet and whomever the other "elite" players are... are in the minority of the Dom II playerbase. Odds would dictate that most of us lose most of our MP games... particularly when we play against the likes of you.

(Though I've not played either of you)
So to truly evaluate a VQ's "balance", you have to consider the lesser players, who obviously outnumber the "elite" ones by a large margin...
The fact that immortality is much more forgiving of mistakes is not at all a small issue... because that's what players like me do... we make mistakes... because we haven't had enough MP experience to know what every nation can throw at us, and hence we might send our SC pretender into a situation that could mean their death.
The fact that a VQ is mostly immune to these "bad decisions" is why she is so popular... and gives a distict advantage over another player of the same "moderate skill level" who is similarly mistake prone... but doesn't have a VQ.
I'm not in favor of nerfing Immortality itself, because that would nerf other units... but something should probably be done... since most poor to moderate players think she's da bomb...
I do imagine that the fervor will die out within a month, as most of the moderately skilled players who picked VQ's as pretenders as the flavor
du jour will have lost their MP games at that point... but she still seems unbalanced to some extent.