Well most Vanguard funds that get talked about here are index funds. Wellington isn't an index fund. Its an actively managed balanced fund.
Now for what it is it is great. Its got a good track record, its one of the oldest funds still in existence, and it is very low cost. Its lower cost than many companies index funds and just about all active funds.
Now since it is an active fund with some bonds in it remember it is NOT tax efficient like Vanguard stock index funds so you do not want this in a taxable account. This should only be in a tax deferred account like an IRA, Roth, etc.