Scott Adams had an interesting theory for why Trump went with Pence.By this logic, Vilsack is one of Hillary's strongest choices. He's an elderly white guy and a transplanted New Yorker (graduate of Albany Law School) who could serve as a subconscious proxy for Trump, without Hillary giving up the experience argument.
On the usual resume front, Vilsack is solid. He was a swing state Governor from the midwest and has served in Obama's presidential cabinet.
A likely advantage in the eyes of the Clintons is that he backed her in the 2008 primary, unlike Kaine, who supported Obama. He'd be unlikely to run in 2024, which means there wouldn't be a Vice President who has different goals from the President (a problem with Gore in the Clinton administration, and an advantage for Biden in the Obama administration.)
The main knock against him is that he's old and boring. This would be the first major presidential ticket with two elderly people.