Way of Life offer reactive gameplay. It do not give you hundreds of options (through there are two active focuses, both intrique-based, and about three quite active). It give you hundreds of events, sometimes good (family focus), sometimes bad (90% of stewardship events, through the other 10% ARE op). At first I was disappointed that I cannot for example improve relations with my wife even with family focus, but I have to wait for event. Through I found out that many role-players are reactive gamers, so I guess you'll be satisfied.
On the other hand, WoL is must-have for every powergamer.
Conclave... well, my beloved Conclave.
Two coolest features are new education system and new vassal management. Education is superior in every possible way, through it's also more complicated and the last time I played (about 2 months ago?) it really needed more tooltips. (and maybe general childhood focuses redesign, because some of them seems quite bad).
On the other hand, vassal management is IMHO better than vanilla one, but I cannot say it's in every aspect superior. When vanilla CKII was a story about natural centarlisation conflict between vassals and liege, Conclave is more about king vs council conflict over domination in already centalised kingdom. You have more interesting laws, but there's still too few of them. New obligation laws are OP from liege perspective. Crown laws were de facto removed.
On the other hand, we FINALLY get something at least similar to negotiating. We get council minigame ("where that powerful 0-stat idiot will do less damage?"). Councillor intentions are easier to understand. Vassal agenda actually means something. New king peace mechanism give player more choices - both as liege and as vassal.
I cannot say its perfect, but let's face it - no feature in Paradox games is. For me, it's not that Conclave make something bad. It's like it throw away 50% of vanilla vassal management concept, when it should throw away 80%. I hope Conclave vassal management will get some tuning in future patches and DLCs and I cannot imagine CK III vassal management not being based on Conclave one.