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I prefer Vitaliy, I spell all the Russian names that could end in either -y or -iy with an -iy (ex. Anatoliy, Vasiliy etc instead of Anatoly or Vasily). It makes me think of the ee sound at the end more with an -iy then with just a -y.
Regarding the name, yes I do like it. I knew someone with the name; people called him V. I think Vitaliy has a (good kind of) interesting sound to it.