The Vatican Catholic Church is a valid, Apostolic, and truly Catholic institution; a true member of the One Holy Catholic and Apostolic Church. Her clergy are rightly and duly ordained, her sacraments are rightly and duly administered, etc.
That being said, the concept of Papacy is absolutely unhistoric. Episcopal polity is absolutely right, but the idea of one person as a "Vicar of Christ" isn't found anywhere in the historical record. The Pope is a true and valid bishop, but the Pope should not have much of the authority or powers his office currently has.
Furthermore, she has unilaterally promoted dogmatic ideas that are outside Ecumenical agreement: the Immaculate Conception of St. Mary the Theotokos, the Assumption of St. Mary the Theotokos, Transubstantiationism, Papacy (as above), and also the Filioque are absolutely out of bounds in the sense that they are declared absolute and unchangeable doctrines. The Assumption, Transubstantiationism, and the Filioque are pious opinions at best. Papacy has no historic merit. The worst of these is the Immaculate Conception, which, while I do understand why they wanted to keep Jesus as "pure" as possible, it wasn't necessary and it does have a tendency of weakening the Incarnation because of St. Mary's lack of guilt of original sin *based on their theology on the subject) as well as actual sin.
That being said, I applaud her for her achievements in Trent, which ended a lot of the abuses, and for Vatican II for ending hurdles like the vernacular in liturgy.
If the Anglican Communion and the Vatican are to achieve reunity, the following must be done: 1) End of Papacy...the Patriarch of Rome is the historic primus inter pares, but anything above and beyond that is unacceptable. 2) End those two Marian ideas as dogmas...and restore them as pious opinions at best (probably safest to just drop IC entirely). 3) Accept that Anglican Orders are valid, our sacraments valid, and our Church to be valid as well...the arguments they have a faulty at best...and just outrageous at worst. 4) End the idea of Treasury of Merits...just leave it at prayers are a sacramental act and leave it at that.