How to theme field-collections in Drupal

field--vpupdates-updates.tpl.php

<?php foreach($rows as $row): ?>
  <div class="vp-update__update">
    <div class="vp-update__updatestitle">
      <?php print render($row['field_vpupdates_updatetitle']); ?>
    </div>
    <div class="vp-update__updatesbody">
      <?php print render($row['field_vpupdates_updatebody']); ?>
    </div>
  </div>
<?php endforeach; ?>

template.php

<?php

/**
 * Implements hook_preprocess_field().
 */
function itcomm_omega_sub_preprocess_field(&$vars) {
  // For all Field collections
  if ($vars['element']['#field_name'] == 'field_vpupdates_updates') {
    $vars['theme_hook_suggestions'][] = 'field__vpupdates_updates';

    $field_array = array('field_vpupdates_updatetitle', 'field_vpupdates_updatebody');
    rows_from_field_collection(&$vars, 'field_vpupdates_updates', $field_array);
  }
}

/**
 * Creates a simple text rows array from a field collections, to be used in a
 * field_preprocess function.
 *
 * @param $vars
 *   An array of variables to pass to the theme template.
 *
 * @param $field_name
 *   The name of the field being altered.
 *
 * @param $field_array
 *   Array of fields to be turned into rows in the field collection.
 */

function rows_from_field_collection(&$vars, $field_name, $field_array) {
  $vars['rows'] = array();
  foreach($vars['element']['#items'] as $key => $item) {
    $entity_id = $item['value'];
    $entity = field_collection_item_load($entity_id);
    $wrapper = entity_metadata_wrapper('field_collection_item', $entity);
    $row = array();
    foreach($field_array as $field){
      $row[$field] = field_view_field('field_collection_item', $entity, $field, 'full');
    }
    $vars['rows'][] = $row;
  }
}

This is a variation of the following Four Kitchens solution: http://fourword.fourkitchens.com/article/better-way-theme-field-collections.

I prefer to load the render array of each field rather than the raw value.