Yes Hillary's VP... and also to provide her cover in the Iowa caucus. She won't have to come here (and suffer an early defeat) by saying she won't campaign against Iowa's favorite son. This gives her cover and he's hoping to gain a spot in her administration.
The main result of having Vilsack running is to make the Democrat Iowa caucus unimportant, thus increasing the importance of the Nevada caucus and New Hampshire and South Carolina primaries. This will increase the importance of appealing to Hispanic votes in Nevada and Black votes in South Carolina, while decreasing the importance of appealing to the Moonbats who vote in the Iowa caucuses.