I had my last horse 2* vetted as there was no where to ride him and the vet did everthing that he would normally do apart from someone ride the horse to test it's wind.
That might just have been my vet being nice - I don't know.
Two Stage vetting is usaually used for youngstock and horses not in work. Basic health check and trot up.
You do not get the ridden part, the waiting and rexamination.