Weekly: Weapon Chest. Daily: Forsaken Dungeon Key, Oats, Pine Logs, Berry drink and Flax Fiber. It also increases experience gained for you and your pets and maximum energy cap. Additionally, VIP lets you know what the Wandering Merchants want to trade for before heading out to them and the ability to mark chests to make it easier to sort your supplies.
Each additional VIP level increases subscription bonuses.