Yeah he is really fun to play so far. Why do you think he will drop? No invincible moves?
He just lacks some tools that other top tiers have... In a bit more detail i can tell you this much, His normals have shorter range than pass iterations which in itself is already a bit sad, but when you compare his normals to other characters the "range King" is not that great of a king to speak of.. just out of the top of my head here are 5 characters that have better pokes/range than he does - Nash, Chun, Ryu/Ken and Bison. After that he lacks an universal anti air... his current anti air tools range from his Cr. HP which is not universal, some characters can jump at a perfect spot where his anti air will completely wiff while characters like Nash, Birdie, FANG have universal anti airs that can catch any character at any distance at pretty much any point in the jump arc while Vegas 90% of the time will trade (mind you not in your favor)... His V trigger which again has a lot of dead angles that ppl can just go over the rose and punish you and lastly what i think is his best anti air, his jumping grab (ironic)...
After that his next weakness is that since he doesnt have his extreme range from SFIV he now has problems dealing with characters with slow fireballs and fast recoveries like Nash and FANG, which im pretty sure are 2 of his worse matchups... im almost certain they will end up being his 7-3s not in his favor...
The remainign weaknesses are that he lacks a DP so he is completely free on wakeup and against solid pressure his Back flip which takes V-Bar now only cancels block frames is not a get off me tool like say R-Mikas etc... its very situational and takes 1 of 2 bars from your V Trigger which honestly is still in my opinion a better tool...
My last point here is that his jump arc got changed in Beta 2, he used to jump further, meaning you could punish fireball abusers a lot better, now the jump arc is shorter meaning you have to be closer to your opponent to make him scared of tossing a fireball which in hand means that when you get close enouth to jump its in a range that they have no interest in tossing a fireball unless its to end a string, so they will be ready for your jump in and will DP it or anti air it which 90% of the cast can do...
Now i know this sounds like a rant and that i think he is a super week character and low tier... Not the case, i think Vega is very good and has some very impressive offensive tools... But when ppl tell me he is on the top 3 or top 5 i cant but frown and disagree because of the points i mention above... Still amazingly fun character and i have no reason to switch from him...