  We revisit the experimental and theoretical status of $B \to \rho l
\bar{\nu}$ and $B \to \omega l \bar{\nu}$ decays. We perform a combined fit of
averaged spectra from Belle and Babar measurements with prior light cone sum
rule calculations, in order to obtain more precise predictions over the full
$q^2$ range. The extracted values of $|V_{ub}|$ from these combined fits
exhibit smaller uncertainty compared to previous extractions from $B \to \rho l
\bar{\nu}$ and $B \to \omega l \bar{\nu}$ decays and the central values are
found to be smaller than values extracted from $B \to \pi l \nu$ or inclusive
measurements. We use our fit results to obtain more precise predictions in and
beyond the Standard Model for the lepton universality ratios $R(\rho)$ and
$R(\omega)$, as well as several angular observables that are sensitive to the
full $q^2$ distribution, such as the longitudinal polarization of the vector
meson, the $\tau$ polarization, and its forward-backward asymmetry.
