I think it's important to note two things about Vaan;
He automatically alwaus attacks like he's hitting enemies with one resist stage weaker of his attack's element. If he's hitting neutral, he'll hit weakness, so that's nice, built in imperil.
Second, depending on the freqency of enemy element resist (specifically Blizzard, Wind and Holy, Fire's not much of a concern, haha), he could be locked out, so just watch out for that.
HOWEVER, Blizzard is on one, and Wind/Holy is on the other, and since he can extend the amount of times he can use moves by a whole lot, he can get away with using the only move that works at full power, and if it ends up an issue, he can get friended' and they'll hit the finish line : P
So Vaan's weaknesses have been worked with pretty interestingly, so feel free to enjoy his equipment if he's in your roster, or go for him if you feel you need 'em, good luck!
Vaan's BT is NOT NEEDED, DON'T PULL FOR IT UNLESS YOU REALLY REALLY LOVE VAAN, There are much more useful BT's to pity for in the next few months, so stay tuned.