I'm still playing Vanguard some, but SoD will be taking up the most of my time for quite a while I'm sure. There are some parts of Vanguard that I really enjoy a lot:
The Crafting System is the most enjoyable I've ever seen. It doesn't require ridiculous amounts of capital to get started, you can actually make money through the leveling process, and the items can be a means to upgrades even as you level. They need to make some adjustments to the items to keep crafted items in line with dropped items, but those adjustments are being made.
I don't know about higher end content, but class balancing seems better off than a lot of other games I've played. Each class has a specific distinction and any class with that distinction can fill that role. For example, any Tank class (Warrior, Paladin, DreadKnight) can fill the role of Tank in a group as easily as any Healer (Cleric, Blood Mage, Disciple, Shaman) can fill that role.
The scenery and graphics are amazing. I'll admit that I have a high end gaming PC so I'm not fighting with specs for this game, and the complaints about the required specs are often valid. You do need a nice PC to enjoy the game.
Some of the things that I don't like about the game are:
Questing provides more XP than grouping and grinding. - To me this ruins the ability to just hang out with people in a dungeon and form relationships and networking. The focus is on the quests rather than the interactions between players. Too many times I've entered a new area, seen groups of people looking for more players, only to find out that they are three steps ahead of me in the quest and don't want to go back to catch me up...So either I group and get crap XP and no quest updates, or wait around and hope to get a group to do the part of the quest that I need. This is one of the only things that I really dislike about the game. It is, however, a very big thing to me. It makes both soloing and grouping less viable options than questing. I like the quests...many of them are pretty involved and are very fun, but they shouldn't be the primary focus or the only means of advancement.