The Vectrex was an innovative and entertaining gaming console that featured unique vector graphics. Although it had significant limitations, such as a restricted line count on its display, it was praised for its high-resolution pseudo graphics capabilities. The storage medium, 'wafer tapes', ties the Vectrex to existing technologies like the Exatron Stringy Floppy and the 128kB format versions offered for other popular computers of that time. There's a nostalgic value observed in retro users who view it fondly due to its fun factor and ease of programming for vector graphics using assembly language, making it stand out during its era despite its commercial challenges.