I've been looking at the vigilante for a while and something about it has been bugging me. After looking at it for a while, I think that I figured out what really bugs me.
As many people have noted, trading most of your class features for a handful of +4 skill bonuses and the ability to play nice with townsfolk isn't quite a fair trade. I understand that this is made to model things out like Zorro and Batman... which made my real issue with the class all of the more visible.
My real problem goes a little like this:
-Bruce Wayne knows kung fu.
-Clark Kent has super strength.
-Don Diego de la Vega is awesome with swords
The big reason that we don't see secret identities do awesome stunts in most medias generally isn't because they can't and isn't even necessarily social pressures forcing them to keep their identity secret. Most superheroes we'd consider to have levels in this class would probably jeopardize their secrecy if it was the only way to protect their own lives, the lives of their friends and families, or to protect the cities (or worlds) they've spent their lives protecting.
The biggest reason that this doesn't end up happening in many of these situations is... well... narrative in nature. Superman always has enough time to escape to a phone booth (to use the old standby), batman can always find enough time to change, and so forth.
This class both requires a full 5 minutes to change identities and literally makes it impossible for a player to sacrifice its identity to save its own life. The first makes using your social guise a huge gamble if there is any risk of combat (by the time someone sneaks off and changes, for example, an ambush encounter is probably long over) and the second seems thematically... wrong.
While I am far from an expert designer, what I would suggest is something like this:
1. Assuming your social persona takes away the intimidating benefits of the renown class feature but retain the use of your other class features.
Explanation: Ultimately, the only thing that assuming a social disguise really takes from you is the ability to make opponents quake in fear.
2. If you use those class features in front of a creature, you permanently lose all special benefits of your social guise against that creature.
Explanation: Fighting an opponent means trading the numerous bonuses of your social disguises for being able to remove your kiddy gloves. Fighting doesn't automatically give you an intimidate bonus (millionaire playboy who knows martial arts =/= Terror of the night batman) and likewise doesn't shift your alignment or "identity" to that of your vigilante, though people will be unable to look at you in the same light in the future even if you help them.
3. It is assumed that the vigilante is skilled at making excuses and selling alibis, making it hard for someone who knows your identity to convince others. Those being told that you are more than a simple socialite (even from a reputable source) only gain a +4 bonus on their opposed perception check.
Explanation: As this change actually lets a player jeopardize their secret identity, this last change covers the situation of a survivor trying to ruin your education. The +4 bonus is intended to mimic the +4 bonus that someone can lend other observers against illusion effects, though increasing it to +6, +8, or even +10 may incentivize players to actually use their vigilante persona.
Of course, all of that is my own personal opinions. Would want to hear more of what others have to say.