I headed out late in the season last year hoping to get a coyote with the V-max. I called in a pair. One coyote gave me a standing broadside shot. I drilled him in the shoulder. He started to spin circles and bite at his shoulder. He was instant red on his chest/shoulder area. I didnt want to put another shot in him... figuring he was dead for sure. He took off into a low spot. No problem, I knew he was dead in that low spot... he wasn't. I trailed him for half a mile to some posted land. It was real flat land, and I couldn't see him. I figured hell with it, I wasn't keeping coyotes and it wasn't worth getting into a pissing match with a land owner. So, I wasn't impressed with the V-max's from the start.
I made a few more unsuccessful stands, until I spotted one 3/4 of a mile from the road bedded in a creek. I snuck in on him and started to call. The coyote popped over the hill 40 yds away to my right (where I didnt expect him to come) and spotted me. He took off. I ran to the top of the hill hoping to get a shot at him. He was running quartering away from me at over 300 yds. I had the bipod out, got a rest, threw a lead on him... and to my surprise rolled him. I was impressed I hit him out there. All celebration ended when the bastard got back up and took off running. He ran about a half of a mile and layed down in the middle of a field. Long story short, I finally caught up to him and finished him off. He wouldnt let me get closer than 300 yds and would run. I had to hit him hunkered down in the snow to finish him. When I checked him out, I had hit him in the hip as he quarterd away. I broke his hip/leg, but didnt penetrate past the bone to kill him. So, I decided these bullets are garbage on coyotes and made up my mind I was finished with that experiment.
I talked to a couple guys at work that use the V-max's for coyotes. They said they haven't had any problems with them. I told them my story on using them. But for some reason, I was out on Saturday. I had killed two coyotes and I still had a few of those shells left in my bullet box. I thought I would give them another try. I called one into 125 yds. He got nervous and started to go in the opposite direction. I barked and he stopped broadside. I put the crosshairs right behind the shoulder and shot. He started spinning circles and took off. He only ran 25 yds and fell dead. I walked up to him and there was a blood trail a blind man could have followed. Problem was... I hit him behind the shoulder and the bullet hit the ribs and absolutly exploded. I could drop a golf ball in the entrance hole! I can't believe how that bullet opened up on the ribs for an entrance. Needless to say, there was no exit hole. I included a picture, but it isn't pretty. I can tell you for sure that I will never use these bullets for coyotes. No wonder they were shit when I hit one in the shoulder and one in the hip. They can hardly handle a rib bone, let alone a more solid bone.
Those bullets are meant for one thing, and that is shooting varmints like prairie dogs. Not coyotes. Just my opinion based off a few recent experiences. I was wondering what other peoples experiences are with them.
What you are witnessing, is what i call bulletsplash. I also feel they are junk, until you get into the heavier weights (around 65 grains and heavier). The only bullet i shoot now is a sierra 55 grain spitzer boat tail, and absoultely love that bullet. I do have an exit hole a majority of the time, but it is usually no bigger than a quarter. If anyone thinks that V-max are great bullets and penetrate well, shoot a V-max bullet and a Spitzer bullet of the same caliber and size at a metal gong, and see which one splats, and which one penetrates the steel 
On a side note, there are a lot coyotes shot every year with V-max bullets though.
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They do do not splash or open up a big hole to often ..ON fox yes! but coyotes no...we use them for deer and antelope as well and they preform very well. shooting a 22-250 and a 223