Being a vampire in The Sims 4, made possible by the Vampires Game Pack, comes with a lot of perks. The first thing on my list is all the Powers you can gain upon joining the dark side. You can earn points from doing vampire stuff, which you can then use to unlock Power tiers. Here's a guide to all the Powers you can obtain.
For the Weaknesses, here's a guide on how each one affects the vampire Sim. Some weaknesses also affect the other Sims around them.
The Sims 4 Vampire Rank: Fledgling
Detect Personality: This vampire Power allows you to learn all the three traits of a Sim. You can do it more than once to earn Vampire Experience (VXP).
Bat Form: You guessed it - this allows you to transform into a bat. You can use it instead of walking, which is a lot faster.
Cast Hallucination: You can use this on other Sims, who will then become dazed for some time after its effects wear off. As it only costs one point, you can use this ability to earn VXP.
Eternally Welcome: Want to visit a house without waking its inhabitants up (for whatever reason)? Use this skill to unlock and lock any door.
Occult Student: This ability has three levels. Level 1 decreases a vampire power's cost by 20 percent; level 2 decreases it by 35 percent; and level 3 decreases it by 60 percent.
The Sims 4 Vampire Rank: Minor
Vampiric Charm: Upon choosing this, you can't choose the "Undead Aura" weakness. The ability causes your vampire Sim to be more attractive to other Sims. It has three levels and the higher the level, the more effective it is.
Vampiric Strength: It has three levels. Level 1 adds 1 point to your Sim's fitness level; level 2 adds 2 points; and level 3 adds 3 points.
Command: This ability is sort of like a mind control. You can have a Sim do your bidding with this skill.
Garlic Immunity: In The Sims 4, a vampire becomes uncomfortable when exposed to garlic. But not when it has this ability.
Vampire Creation: This allows your vampire to turn others to become a part of the vampire legion. Use sparingly.
The Sims 4 Vampire Rank: Prime
Mesmerize: This "mesmerizes" other Sims, restricting their movement. It lasts a couple of hours.
Child of the Moon: The moon gives the vampire bonus perks such as more effective powers, slower energy drain and a faster skill gain, per Carls Sims. It has three levels; the higher the level, the better the perks.
Irresistible Slumber: If, for any reason, you need to put another Sim to sleep, then you definitely this ability.
Manipulate Life Spirit: You can take the life spirit of a Sim, which makes them more susceptible to your powers, or restore it. Doing the latter will give the Sim a confidence boost.
Vampiric Slumber: This rules out the Fitful sleep weakness. It has three levels. Level 1 increases energy gain rate by 15 percent; level 2 increases it by 30 percent; and level 3 increases it by 40 percent.
The Sims 4 Vampire Rank: Master
Dampened Emotions: You will not be able to choose the Eternal Sadness weakness. It has three levels and the higher the level, the less susceptible the vampire is to emotion moodlets like as embarrassment, confidence, flirty and such.
Supernatural Speed: It is exactly what it sounds like. It grants your vampires ultra-fast speed.
Deprive Needs: A mischievous vampire will absolutely need this skill. It allows you to lower down the needs of other Sims to 10 percent.
Sun Resistance: This conflicts with the Thin Skinned weakness. It has three levels: level 1 gives 33 percent resistance; level 2 gives 50 percent; level 3 gives total immunity to the harmful effects of the sun.
Odorless: This stops the Hygiene bar from depleting. That means no more showers for your vampire!
The Sims 4 Vampire Rank: Grand Master
Influence Emotion: It increases the emotions of nearby Sims. It has three levels; the higher the level, the higher the increase in emotion.
Mist Form: This ability is sort of like teleportation. You transform into a cloud of mist then you go wherever you need to, then you transform back into your physical form. You can "Always teleport as a mist" to make your Sim go faster.
Beyond the Herd: Your vampire Sim will not even need another Sim anymore. This ability stops the Social bar from decreasing entirely.
Tamed Thirst: You don't have to worry about your vampire suddenly going wild anymore. This ability grants them the strength to resist another Sim even when their Thirst bar is too low.
Immortal Pleasures: This Power stops the Fun bar from depleting. You can now focus on other pursuits without taking a break to watch TV.