Sometimes it means "is/is equal to", for example in this Parable of the Lost Greeks (h/t Tom): "Achilles vs. Alberto Ruiz Gallardon".
Sometimes it seems to mean something like "presents/hosts": in "javi garcia roche VS Juanito Lee y Carlitos 'el salsero'", Juanito and Carlitos are in the container of death, and Javi is Chatarras Palace and is, I have been hoping since an initial encounter last winter prior to his nobbled super welter title attempt ("¡No somos gitanos ni gente rara!"), the man who will put the Gallego Prada brothers out of business and turn Spanish boxing into a well-financed, mainstream sport.
Sometimes, I suppose, it must also be used in the only sense recorded by the RAE: "(Del ingl. versus, y este del lat. versus 'hacia'). 1. prep. Frente a, contra. Occidente versus Oriente."
Any more uses?