Recently, I visited a department, which had a vision paper and in a slide, they put their vision, "To be one in top five departments in the world." I smiled and thought it must have been their innate modesty that restricted them to be just among the top five and not the best in the world. IISc and many of its departments have simply overcome this problem by not having vision documents at all.
Vision without carefully designed policies, tasks and formulated action plans are simply that - visions and, these visions are no different from visions obtained by taking LSD. To quote from my colleague and friend, Jayant Haritsa (from Abi's blog; Read Jayant's post, it is frank and enlightening, as would be any conversation with him), "..stemming the perceived rot first requires introspection about the internal mechanisms of our institutions."