I'll preface by saying I'm not even talking about the quality of the skins, or the noob traps (obsidian shards, vision shards, tier 5 bags, etc.).
Reward wise, the wizard's vault has a lot of potential that isn't being realized. Seeing the same okay-ish rewards (coins, clovers), legendary weapon kit aside, being repeated without any interesting or compelling competition for the eventual strict gold option is disappointing. I'd like to see more rewards in the spirit of the ascended weapon/armor kits, things that might not be universally useful, but a portion of the player base would consider useful, especially for the convenience of just doing the dailies/weeklies. Provisioner tokens, bundles of LS currencies, legendary shard chests, maybe even a limited amount of LIs. I think there is room for creativity here, and a lot of disappointment is going to come from making the same rough reward choices as last season.
Edit: I can't spell