The old Vuldrok list was the most broken piece of work this game has ever seen. If it had gone to press as written I'd have been selling off my fleets within the week. And that one was theoretically playtested.
The new one looks much better, since the bulk of the fleet is no longer practically invulnerable to shooting. Complaints about the vulnerability to precise weapons are valid, but I question whether they're realistic about how badly you're really hurting in the rock-paper-scissors matchup with Li Halan. Crunch some numbers on ship versus ship:
Li Halan frigate versus Vuldrok frigate - Li Halan broadside scores 3 hits per turn, averaging (due to 6 crits being voids) slightly under 4 damage and a crit each turn. You can probably expect to fire without response fire at least once, maybe twice before your enemy's light slugs start chewing on you. When the slugs do start firing back, the Vuldrok broadside score 3 multihit 2 shots per turn, which pushes slightly under (due to bulheads) 3 damage and half a crit per turn. The Vuldie clearly isn't winning that shooting exchange except with dumb luck. The actual damage numbers are likely to be lower (since both ships will be using Close Blast Doors regularly) but the extra crits from the Precise weapons will swing the fight to the Li Halan most of the time.
But - the Vuldie has better maneuverability, more troops, better ramming, one more point of damage to cripple, and a better save with Blast Doors, which it should be running on many turns. When it gets into range, it should beat the Li Halan unless the pious bums can slip back out of reach quickly. The armor change, better crippling value, and massive ramming boost has made the new Vuldrok list more of a knife-fighting fleet, where their old invulnerability to most shooting let them stand at mid-range and play attrition games.
Moreover, a Vuldrok admiral facing lasers should consider All Power To Engines as an alternative to Close Blast Doors. Degrading your near-worthless Armor 1 and 2 defenses is meaningless, closing at 18-24" per turn will get you to slug gun range in no time, and once you get even a few guns into explosive shell range the rest of the fleet's guns become intolerably deadly. You'll take more damage doing a sprint-and-close, but we've all watched Hazat make it work against Al Malik and your guns are better, a lot better.
There are some other real prizes in those changes too.
30 point "explorers" with 16" movement, Agile, and Ramming 3? Yes, please. Armor 2 blocking 1/3rd of the hull hits might even let you do it twice if you don't aim for too large a target.
The light frigate is a heck of a bargain against laser fleets, too - why pay an extra 25 points for a bigger frigate when you can take the lights instead? Trade 2 points of hull for 2 points of speed and Agile, and your Armor is not much more useless than your big cousin's. Against other fleets it's not quite so good, but not terrible either - 4 of them still get you 64 hull and 20 light slug guns per broadside versus 3 "real" frigates with 54 hull and 15 guns.
You won't get rams with your bigger ships very often, but the value bumps on them aren't funny either. Galliots can expect to fly through an enmy frigate on a ram now. Destroyers get a crit on a 2+, and max out at 4(!) crits. Both of them take half damage in return, too - Armor is amazing in rams. Vuldroks are the kings of the ram, both offensive and defensive.
Seems to me like a lot of the grousing going on is coming from people who haven't actually looked at the fleet's strengths, just what it lost. The Vuldie Armor 3+ stuff is no longer nigh-invulnerable, your opponents no longer have to leave all their small ships and bombers home, and you need to rethink your fleet lists and tactics. I feel bad for people who bought minis based on a false fleet list, but I'd rather see you suffer than the whole game wrecked by that abomination of an alpha list.