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In our org it means you've bullshitted the bullshitters. You're 3-6 months out from losing all touch with your area of expertise. Your role is solely limited to taking credit for your subordinates work. Also, for one VP in Atlanta, it means you can come into the office once a week (in at 11, out by 3:30), be removed from almost every account and still have a job. Not a bad gig.
Puppies. Lots and lots of puppies.
In a large org it VP+ often means you have signature authority - you can sign contracts and make commitments as the organization. You usually get deeper insight into the agency financials. And part of your comp is usually performance-based (so bonus and/or stock grants). But with title inflation being a problem it could just as likely mean super-senior-group-director.
That definitely wasn't the case at a Publicis, WPP, IPG, or Havas. VP and SVP and even EVP are just hierarchy for who gets final say. Clients don't care at all about that shite, and will actually prefer more junior people because they're dedicated to the brand and know it better than the managers who just come to big meetings. It's just wallpaper.
Don't mean to imply we don't have good VP's. Just not many.
I think they're given some kind bonus or stock options.