In a landmark 1981 paper, Valiant and Brebner gave birth to the study of oblivious routing and, simultaneously, introduced its most powerful and ubiquitous method: Valiant load balancing (VLB). By routing messages through a randomly sampled intermediate node, VLB lengthens routing paths by a factor of two but gains the crucial property of obliviousness. Forty years later, with datacenters handling workloads whose communication pattern varies too rapidly to allow centralized coordination, VLB continues to take center stage as a widely used - and in some cases provably optimal - way to balance load in the network obliviously to the traffic demands. However, the ability of the network to rapidly reconfigure its interconnection topology gives rise to new possibilities. In this work we revisit the question of whether VLB remains optimal in the novel setting of reconfigurable networks. Prior work showed that VLB achieves the optimal tradeoff between latency and guaranteed throughput. In this work we show that a strictly superior latency-throughput tradeoff is achievable when the throughput bound is relaxed to hold with high probability. The same improved tradeoff is also achievable with guaranteed throughput under time-stationary demands, provided the latency bound is relaxed to hold with high probability and that the network is allowed to be semi-oblivious, using an oblivious (randomized) connection schedule but demand-aware routing. We prove that the latter result is not achievable by any fully-oblivious reconfigurable network design, marking a rare case in which semi-oblivious routing has a provable asymptotic advantage over oblivious routing. To analyze our routing scheme we prove an exponential tail bound which may be of independent interest, concerning the distribution of values of a bilinear form on an orbit of a permutation group action.