MSCI uses the term value weighting in reference to the index underlying VLUE, but if you look into it you will see it is really a RAFI clone (albeit with a lower ER than the RAFI linked fund choices). The Guggenheim pure value etfs track indexes that weigh exposures based on value characteristics (they also have growth ones), but JG classifies those as traditional value on his site. His mutual funds seem to implement the strategy, but he's added a long-short aspect.
He uses the magic formula to weight/determine value.
Not sure about the equal weight problems you've experienced above. Seems like Vanguard's site indicates RSP (your fund wasn't in the available choices) has outperformed VFINX over 1, 3, 5 and 10 years. The interesting rebuttal to this from Bogle is that equal weighting is really weighting to a mid-cap exposure. VO and RSP do track very similarly for sure, but they are comprised of different stocks, exclusively so, if you use the same (S&P here) indexes...
You're right the secret sauce of indexing is low after tax costs.