....Yes, but don't you have to set it so it has a datum to subsequently alert a deviation from? In other words, its alert system relies on human input to reset the datum.
Your are correct that it needs to be "set", but this is initially done by the stealer as part of the PDI, and should be reset, again by the stealer on every service where the pressures are checked. If the "initiation" procedure wasn't carried out, then the TPMS will give a constant alert anyway! This can all be found in the workshop manuals listed in the sticky. 
So, pedantically, yes, it does need setting - but in reality, once it has been set, that's it - just wait for it to tell you your boots are leaking. But the trouble is, it don't - unless you are virtually on your rims, and by then, it will be too late.
So my initial conclusion still stands - the system on the Golf is useless
- unlike the system which Audi uses (which monitors the actual pressure inside each tyre). 
....I beg to differ, TT - The initial setting may well be done under PDI but subsequently, according to the handbook, you are meant to reset it after any change of tyre/s or after changing pressures - Which is what I do by switching on ignition and pressing the button and holding until the beep.
I'm sorry, but I very, very strongly disagree, and I feel that you are now trying to "cloud the water"! Lets get this perfectly clear - of course, IF you change wheels/tyres, or IF you change pressures, THEN you should pressand hold the button. That is an accepted fact, and it clearly states this in the owners manual. Period. Move on.
However, we were NOT referring to the above! What we were referring to, is when the TPMS had already been set (after any checking and adjustment of pressures) - how how useless the system is at detecting any significant pressure loss. This "complaint" has been very clearly documented in the US NHTSA, and their report is very critical of this specific system NOT being able to detect pressure loss until it is way too late.
I really don't see how you can not support such a clear point of view!

Furthermore, you should NOT continually be pressing the button as a matter of routine, UNLESS you have specifically checked (and altered if necessary) the pressures!

Audi's system is doubtless better but you pay much more for an Audi.
Firstly, both systems require
identical operation by the driver, and secondly, the difference in the price between the two systems is very insignificant.
But the Audi system will warn me of a pressure difference of around 4psi - yet the Golf system won't warn until about a 20psi difference. Secondly, the Audi system will specifically tell me if a wheel has been changed, the Golf system is unable to do so.