shocked termination of a relativistic equatorial pulsar wind that is contained within the surrounding kidney-bean shaped synchrotron nebula comprising the post-shock, but still relativistic, flow. In a departure from the Crab model, the magnetization parameter $\sigma$ of the Vela pulsar wind is allowed to be of order unity; this is consistent with the simplest MHD transport of magnetic field from the pulsar to the nebula, where $B \leq 4 \times 10^{-4}$ G. The inclination angle of the axis of the equatorial torus with respect to the line of sight is identical to that of the rotation axis of the pulsar as previously measured from the polarization of the radio pulse. The projection of the rotation axis on the sky may also be close to the direction of proper motion of the pulsar if previous radio measurements were confused by orthogonal-mode polarized components. We review effects that may enhance the probability of alignment between the spin axis and space velocity of a pulsar, and speculate that short-period, slowly moving pulsars are just the ones best-suited to producing synchrotron nebulae with such aligned structures. Previous interpretations of the compact Vela nebula as a bow-shock in a very weakly magnetized wind suffered from 