I love ido's find-file, but I think that's because I've made it behave much differently than the defaults. The ability to use backspace to go up one full directory, jump to home with ~/ at any point, jump to / with // at any point, and navigate folders quickly with fuzzy matching and RET is really, really nice.
To be fair, most of my file opening is done with projectile, which, when you exclude the right files and use ido, works fantastically well. I can get to nearly anything I've been working on in two commands - projectile-switch-to-project (C-c p p) and projectile-find-file (C-c p f).
I'm not sure what you mean by "how it splits up directory from filename" - could you clarify?
ido-use-virtual-buffers is indeed awesome - I really love it.