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I can see this module being hugely useful in wrapping up whole vocabularies with all the versionable, distributable goodness of features.
However for vocabularies of more than a few terms, selecting each term is annoying and quickly becomes impractical. I thought a select all facility might help but that wouldn't work with more than one vocabulary and would still be a UX nightmare for large vocabularies.
What is needed is a component that encapsulates the concept of a vocabulary as a complete collection of terms. In this way, the UX is very simple and clear and the state of the vocabulary as a whole can be determined - e.g. if a term is added to the vocabulary, the state of the component becomes 'overridden' (this is not possible using a combination of uuid_vocabulary and uuid_terms).
I have written a patch that adds a 'Vocabulary with terms' component to uuid_features. It mostly re-uses code from uuid_terms and uuid_vocabularies.