I wouldn't say that VF is dead per se, but I would say that in terms of relevance it doesn't have the oomph and prestige it used to. A Vanity Fair cover used to be one of the things that sort of solidified a young star as moving into that next level or it served as the ultimate showcase for the best and brightest in entertainment, politics, society, etc. Agents and publicists would fight tooth and nail to have their talent on the cover of the Hollywood issue, whole debates would launch if someone deemed undeserving got a cover, or profile. It was - at least from my viewpoint - the pinacle of the celebrity-focused glossies and always presented its subjects in a manner that was unique and visually interesting.
Nowadays it doesn't seem as essential as it once did. I still subscribe for the in depth journalistic articles and every few months there is a real beautiful one that has a lot of substance, some of the features are also quite appealing.
In terms of cover choice it is a little hit or miss of late the trend towards putting dead golden age celebrities on the covers at least once a year really didn't start up until the late 2000s, but it stuck and now we've come to expect it. This year I think hands down worst cover was that Katie Holmes tabloid image that was downright sloppy and several months after people had stopped caring about her divorce drama. The James Bond cover didn't live up to expectations either, the Kate Middleton cover was another flop better suited for the Sun or National Enquirer.
That said, every so often they're on the money; that Jennifer Lawrence cover was well timed and quite pretty.