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When volume switch is On, phone both makes noise and vibrates.
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When volume switch is Off, phone does not make noise or vibrate.
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Calls should make noise/vibrate in extenuating cirumstances, e.g. a call from a favorite or two calls within three minutes.
Vibrate on Silent accomplishes 1 and 2, but prevents 3 from occurring.
3 could be accomplished by ignoring the volume switch altogether and using Do Not Disturb to solely determine whether my phone is silent or not. In this case, I would have DND turned on almost all of the time. The problem with this is that when the phone is unlocked/in use, notifications will either A) not be shown at all or B) will cause noise/vibration.