I love my Vampires. I've never played or even watched anything to do with TS4 vampires, as I'm not really interested, but I enjoy TS3 vampires.
While they do not die from actually being out in the sun too long, doing so will cause their needs to plummet, and it is possible for them to die from thirst.
I have mods to remove the weird greenish pale skin, and glowing eyes, so they look just like other sims, but they have their supernatural powers still. I also have mods to allow them to drink from any sim, without needing to be friends or anything like that.
Some of their powers are kind of helpful if you want to know another sim's favourites, or whatnot, but they get a really nice boost to skilling at night time, and can work out without fatigue.
Also I love their hovering above their altars when they 'sleep'