Still no live audio encoding without CLI (unless you stream to yourself), so no plug and play with Dolby/DTS
Encoding params still max out at 512 kpbs on every codec without CLI.
Can't switch audio backends live (minor inconvenience, tbh)
Creates a barely usable non standard M3A format when saving a playlist.
I think that's about my only complaints for VLC. The default subtitles are solid, especially with multiple text boxes for signs. Playback has been solid for ages. Handles lots of tracks well, and doesn't just wrap ffmpeg so it's very useful for testing or debugging your setup against mplayer or mpv.