  An important experimental effort has been accomplished in recent years in the
measurement of rates, polarization and CP observables in $B$ decays into two
light vector mesons. On the theoretical side, after a very consistent effort
done within the framework of QCD Factorization, the comparison of the theory
with the present experimental data has not been updated, to our knowledge. In
the present paper we compare this wealth of data to the theory, in tree
color-allowed, tree color-suppressed and pure penguin decays, and present
predictions for the observables that have not yet been measured in these
decays. In our fits we find acceptable values of $\chi^2$ for the branching
ratios and for the direct CP asymmetries. However, this is not the case for the
longitudinal polarization fractions, essentially due to disagreement between
theory and experiment for the modes $B_{d,s}\to K^{*0}\overline{K}^{*0}$ and
$B_d \to \rho^+ \rho^-$. Although we rely on previous work by other authors, we
summarize the formalism so that the paper is self-contained and its results can
be checked.
