when the variance over a filter region is high we probably see light bleeding artifacts, we more likely to see LB in scenes where depth complexity is high.
the good news is that VSM have a lot more advantages than disadvantages if we compare it to other pixel based shadows algorithm, also we can reduce the light bleeding issue by doing a smoothstep with the variance value and some threshold.
some of the advantages:
1. we can use mip maps on the "shadow map" texture (the variance map).
2. we can blur it like regular texture blurring (no pcf needed), and because of that we can use hardware filtering so as linear, anisotropic etc.
3. we can get good soft shadows a lot faster and smoother than using pcf.
i have added softness for both spot and point lights, point light is a little bit tricky :)
here is few screenshots:
no soft applied