We describe the highly variable X-ray and UV emission of V458 Vul (Nova Vul 2007), observed by Swift between 1 and 422 days after outburst. Initially bright only in the UV, V458 Vul became a variable hard X-ray source due to optically thin thermal emission at kT=0.64 keV with an X-ray band unabsorbed luminosity of 2.3x10^{34} erg s^{-1} during days 71-140. The X-ray spectrum at this time requires a low Fe abundance (0.2^{+0.3}_{-0.1} solar), consistent with a Suzaku measurement around the same time. On day 315 we find a new X-ray spectral component which can be described by a blackbody with temperature of kT=23^{+9}_{-5} eV, while the previous hard X-ray component has declined by a factor of 3.8. The spectrum of this soft X-ray component resembles those typically seen in the class of supersoft sources (SSS) which suggests that the nova ejecta were starting to clear and/or that the WD photosphere is shrinking to the point at which its thermal emission reaches into the X-ray band. We find a high degree of variability in the soft component with a flare rising by an order of magnitude in count rate in 0.2 days. In the following observations on days 342.4-383.6, the soft component was not seen, only to emerge again on day 397. The hard component continued to evolve, and we found an anticorrelation between the hard X-ray emission and the UV emission, yielding a Spearman rank probability of 97%. After day 397, the hard component was still present, was variable, and continued to fade at an extremely slow rate but could not be analysed owing to pile up contamination from the bright SSS component.