I am not sure if Hypervariable regions are the same thing as Variable Nucleotide Tandem Repeats (VNTRs)? I will base my answer on the assumption that they are.
Short Tandem Repeats (STRs) and VNTRs are basically sections of non-coding DNA that are repeated many times; STRs have a repeat sequence of 2-5 bases, and VNTRs more than 5 bases. The repeats are present in all members of the human population, but each individual has their own unique number of repeats. Therefore STRs and VNTRs are used in DNA profiling, since people can be identified on the basis of differences in the length of their DNA repeats. I don't think STRs are necessarily 'better' than VNTRs, or vice versa.
To answer your 2nd question - the advantage of the rapid mutation rate of mtDNA is that it is highly useful to make comparisons between animals of the same species, or species that are moderately or closely related, in order to establish evolutionary relationships. mtDNA mutates at a steady rate, so it acts as a 'molecular clock'. The greater the number of base pairs difference between two samples from two species, the longer they have been separated as different species. Compare this method of establishing evolutionary trees to using skulls and other bones, for example. Anatomical features change very slowly, so it is more difficult to correctly establish evolutionary timelines using them as evidence. Example: hominin evolution. Many of what we have now established as distinct 'early human species' have the same, or similar, prominent brow ridge, large teeth and prominent facial profile; however they are grouped as being different species. This shows you just how much easier it is to use something that changes rapidly, as your tool for evolutionary comparison.