The Vasari are also just damned tough. They get some pretty good hitpoint % increases, and good repair rates as well. Two of their highly useful ships (Skirmishers and Enforcers) can also retreat, and initiate a self-repair feature that rapid repairs them, then get right back into the fray.
They are powerful offensively with weapons upgrades, and they have supreme mobility. No longer will you have to pick and choose a few worlds to defend. Put down some Phase Stabilizers and you can defend most of them, rapidly.
The Kostura Cannon also has it's uses; although, it's not what you would think. It disables ships and structures in the target system for a short period of time, during which time you can run in and crush many of them - if you time it right. It's probably the most difficult super-weapon to use, and gives you probably the least bang for it's buck - in direct relation to skill level.
The Vasari also have to invest considerbly less to obtain their resource rate increasing research. Although, with the recent changes to the black market, and resources available in the game - that no longer means anywhere near as much as it used to. The credit now reigns supreme. In my opinion, this needs some tweaking on a game-wide level, primarily in the black market.
Returning Armada can be a good boost to your power, although the first wave tends to come in spread out, as they seem to pop as soon as the research is completed (before you can disable their autocast). Used wisely, the Returning Armada can be used to overcome an impasse in an enemy system... Couple the assault (bolstered by RA) with a Kostura Cannon shot(rather, come in just behind the shot), and you pretty much will win, unless you are facing a particularly wily, or suicidal, commander.
All in all, pound for pound, I would say the Vasari have pretty much superior forces. You will lack the economic and cultural advantages of your enemies, however, so you will have to plan carefully, and you are more susceptible to enemy disruption.
Vasari are less forgiving of player error than either of the other races, and have less apparent advantages, which can make them feel "underpowered" in comparison, until you get a handle on all of their nuances. Once mastered, the Vasari are competitive; and engaged competition, is that not the point, and the focus of an enjoyable game?
As for negatives? I would say the largest negative I have encounted so far while playing the Vasari after 1.03, is that in the beggining, it is very difficult to manage resources/credits - but only when playing against the TEC, as they simply dominate Credit and Resource Acquisition in 1.03 - with minimal research - until late game... presuming you survive that long. Even so, as annoying as this... hopefully temporary imbalance is, you can still overcome it, by playing better than your opponent, and getting a little luck on your side; but it can difficult almost to the point of anger.
I hope that helps. Good luck.