A really helpful description of the spool valve mechanism from Honda-Tech (from a D-series, but effectively the same system as the NSX):
Engine oil enters at
A. A channel routes it to the solenoid at the top. When the solenoid is dormant, the oil reaches a dam and progresses no further. Oil is blocked by a plunger, called a "spool valve", from moving from
A to
B, and oil pressure has no affect on this valve as it can only apply force around the circumference. A spring at the bottom of the valve provides backpressure to the system and keeps the valve secure in its resting position.
C and
Z vent to the oil pan. Oil is allowed to vent from
B to
C through two small holes in the spool valve channel to purge any oil blow-by caused by a leaking plunger between
A and
B.
B is the location of the
vtec pressure switch, and vents back into the engine block to actuate the cam locking pins. In this configuration,
B receives no oil pressure.
When the solenoid is
energized by the ECU, oil pressure is applied to the top of the spool valve and causes it to lower, ventilating through a small restriction hole into
C to maintain pressure on the spool valve. This opens the passage between
A and
B, allowing oil to reach the pressure switch and access the cam locking pins. At the same time, the spool valve closes on the purge holes in
C, maintaining pressure in
B.
Z now serves as potential pressure relief, as pressure between
A and
B attempts to drive the spool valve down and escape through
Z; this supplements the pressure provided by the solenoid and ensures the valve remains depressed while the system is energized. When the system is deactivated, there is insufficient backpressure to counter the force of the spring, and the valve returns to its original position, allowing
B to purge.
**Note- this appears to contradict the language in the 1991 NSX service manual to the extent it states the ECU
energizes the solenoid. On page 5-8, it states: The solenoid valve,
in response to a signal from the PGM-FI ECU, closes the oil passage to the rocker arm at low speed. What is strange is that, if the service manual is right, then the default state of the engine is VTEC and it is only an electric signal from the ECU that keeps it on the low cam. Wouldn't you want the car to default to the low cam if there was a problem? I'm inclined to say this is an error and, when not in VTEC, there is no signal to the solenoid (defaults closed).