Another thing to consider with vassals.
If you are powerful enough then force them to adopt your civics and religion. This will at least keep the averaging penalty to a minimum as the vassal will be getting the same modifiers as you are (and therefore your friends are more likely to like your vassal). Also I find that in many situations the forced changes for diplo modifiers and the excessive happy modifiers of your 'best friends' can still keep the average at friendly with the right allies. Plus the time in the game when you are vassalizing is usually past the confrontation with the more warlike civs that was going to come anyway. Hopefully the vassal was always your religion and has good modifiers. This can keep those important long distance/term relationships with techies like Ghandi and MM going.
This, by all means, isn't the case always and each vassal situation is different. If there is a rule of thumb here I guess vassalizing civs that have been in the same religious block is usually alright.
Vassals can be a very profitable as the point of vassalization is often when its a long and tedious mop up with not a whole lot to gain. With Corps, you still get the resources, can spam the vassals with Corps, force them to accept Mercantilism and still get TR with them and use their bases. Not a bad gig.