Yes, you have 1 VPS admin panel (probably WHM) where you manage the server, create accounts, etc. You'll then have 1 cpanel per account just like you have with your shared account.
Check out wiredtree offer:
http://www.wiredtree.com/managedvps/ (non-affiliate link)
I have a server there (used to have a VPS) and I'm 100% happy. Remember that there might be some discount coupons. (10percentoff takes 10% off your monthly bill)
I started some catalog blog about videos on blogger
and pointed one of my sites subdomains.
I found that there is no problems with that.
Since after only 20 days my blog came up on first page for therm given..
Folk Metal Videos
and normaly Folk Metal Videos keyword.
If you wanna host multiple sites, then for me the best kept secret (oops just let it out) is HostNine - Web Hosting - Reseller Hosting - Dedicated Servers - 877-251-HOST
And on there you should go for the smallest reseller package.
Its $19.95 a month and you can freely use their servers in 10 different locations(1 in UK, 1 in Singapore, 8 in USA - as far as I remember), whichs means access to 10 different C Class IPs at the time. They keep adding new servers when these fill up, so in reality over time you get many more different IPs to work with.
They, according to themselves, are not operating a SEO hosting company, but I have not found a better deal for a hosting company with 10 different C CLasses yet :)
The biggest SEO host: SEO Hosting - SEO Web Hosting with cPanel and Multiple Class C IP Addresses wants $67.50 / month for 10 IPs, and I am sure if it comes down to it, Google is smart enough to know what IPs they own and given the whole nature of their business SEO hosting is able to slam sites hosting there if they please :)
So I am more than happy to stay under the radar with Web Host Nine :)