I agree with Steven's interpretation, and I've always been fuzzy on the ambiguous part, too, so I decide to re-read the document. Here are the applicable statements from this document, edited to remove all the simulator and view-limiting-device parts:
The FAA, in InFO 15012, wrote:A pilot may log an IAP for currency or training when the pilot accomplishes the IAP in accordance with the following conditions:
1. ... the pilot must operate that aircraft ... solely by reference to instruments [§ 61.51(g)(1)];
2. ... the pilot must be established on each required segment of the IAP to the minimum descent altitude (MDA) or decision altitude/decision height (DA/DH);
4. ... the flight must be conducted under actual ... instrument flight conditions [§ 61.51(g)(1)].
NOTE: A pilot cannot log an IAP for currency in an aircraft without also logging ... instrument time.
5. ... the aircraft transitions from IMC to visual flight conditions on the final approach segment of the IAP prior to or upon reaching MDA or DA/DH.
NOTE: Except when being radar vectored ... or otherwise directed by ATC ..., pilots must execute the entire IAP commencing at an initial approach fix or associated feeder route and fly the initial segment, the intermediate segment, and the final segment of an IAP [AIM 5-4-7 (e)]. If the pilot completes these segments, or receives vectors to the final approach course, he or she may log the IAP.
The FAA does not require the ceiling to be at MDA or DA/DH during a flight in IMC. When an aircraft is flying an IAP in IMC, two outcomes are possible:
1. The aircraft will transition from IMC to visual meteorological conditions that allow a landing in accordance with § 91.175; or
2. The aircraft will remain in IMC and execute a missed approach at the missed approach point (MAP) or DA/DH.
In either case, a pilot may log the IAP.
I note that nowhere in this document does it make any distinction between IFR and VFR - only between IMC and VMC. So I don't see how the argument that you can log an approach if you are in VMC but do not meet VFR minimums is supported by this document. But then, I'm not a lawyer, and I am still confused by other wording. Item 1 (must operate the aircraft solely by reference to instruments) seems to imply you must be in IMC, and item 4 ("the flight" must be conducted under IMC) reinforces this. But how much of "the flight"? Are they just referring to the approach? Or, if ANY part of the flight is in IMC? Surely they don't mean the entire flight? Item 5 above clearly says you need to break out of IMC on the final approach segment. But then the last section seems to imply that if you break out of IMC anywhere on the approach, you can count it.