Depends on the year and it depends on what type of stats a player has that year. The voting is not flawed, it's subjective and everyone has their opinion on who should win it. That's why it's a good award, nothing is set in stone, because it's different each year and sometimes pitchers win it too.
Bonds hits 80 HRs in a season and should get the MVP even though his team doesn't make the playoffs. If Josh Hamilton wins the Triple Crown and the Rangers still finish last he should still get the MVP.
Again, it's never been about if your team is a playoff team. Sometimes it works out that way and an MVP candidate can CARRY a team on his back into the playoffs. See CC Sabathia this year or Kirk Gibson for the Dodgers.