Vsv Valve Needs Replacing

[Corolla2000]

I just took my 2000 Corolla to the dealership to see why the check engine light came on yesterday and to get it's overdue oil change too.

They charged $80 to do the diagnostics and see what was wrong and then came out and told me that I need a VSV valve and that it would cost about $213 for parts and labor.

I don't know the people at this dealership so I'm being cautious about having the work done there. I also have no idea how the VSV valve affects everyday things or how important it is. The mechanic told me I could certainly hold off for a week on having it replaced. I just bought this Toyota in July of 2003 (not even a year ago) and I wanted to check if I had purchased an extended warranty because he told me it would not be covered under the regular Toyota Certified Used vehicle warranty (I thought that was a little odd, but maybe it's standard procedure?)

I assume the VSV valve has something to do with fuel emissions, etc.? Is it something that should be replaced as soon as possible?

If anyone can shed any light on this and/or offer me any advice, personal experience, information about anything here, please respond to this post.

Clueless

Edit: Apparently this is just called a VSV or Vacuum Solenoid Valve. The Toyota guy wrote it down wrong on my receipt..and like I said, I am clueless.