I believe the VCE is fantastic in the sense that you can play to your strengths, meaning you can choose the type of subjects you think you will excel in. Whether they be art type subjects, maths/science type subjects or languages, you can always choose subjects where your strengths lie.
I say this in comparison to the IB (International Baccalaureate) where every student must do a second language, a maths, a science, a humanities, English, another subject from a science or humanties area and TOK (Theory of Knowledge). Let's also be reminded of the 150 hours of community service students need to complete in order to even be issued with their IB diploma, regardless of their marks!
IB students need to be all-rounded in order to excel rather than VCE students picking subjects they favour in order to succeed. However, an IB diploma lasts forever whereas a VCE certificate (along with an ENTER/ATAR) only lasts for two years.