I've found that if you can get multiple copies of it, you can precisely overlay them and cut down a lot of the artifacts. Depending on what the video is, some home movies have several copies held by different family members. The different tapes will have artifacts in different ways, so unlike a lot of filters, you're actually adding video information back in instead of trying to cover up the artifacts.
try using Color. The software is really nice in doing some preliminary clean up particularly re-coloring and sharpening a little. It depends a lot on how much time and effort you want to go to to restore. FCP/Color can do a lot to improve bad VHS. But to make it "archival" quality, you're going to need much more, depending on what condition it's in.
One simple trick you can use to fool the eye is just to give the footage a slight letterbox effect to a black edge. You'll be surprised how much that one crisp line along the edge gives the illusion of a better quality picture all round.
Another slightly more nutty but quite effective idea, depending on what sort of project it is, is to find an old tv from the era that matches the vhs, play the vhs on the tv and video it with a modern camera. They did this on a recent Brian Clough documentary on ITV and it looked very stylish.