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I have previously owned the 'G' version of the Nikon 70-300mm (the oldest one), and currently have the VR version. From memory, I think it is the 'ED' version that you are talking about, which in quality is meant to be somewhere between the two, but I can't speak from personal experience of it. However in quality I have the impression the ED is nearer the G than the VR version? I found the VR significantly better than the G, for example in autofocus speed, which would be important for you in motorsport perhaps. But I never found the G to be as bad as people say in terms of sharpness etc.
But as people say above, if you have the 55-200 VR, I'd pass over the 70-300 and look to save up for something like the Sigma 140-400mm. A camera like the D300S deserves a good lens!
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