File under only Sony could do something so dumb! There's a thread raging over on NeoGAF about the already known limit on the Vita's screens for just 100 applications. With 10 per page, that means there can only be 10 screens of icons, which while it sounds a lot, could soon run out, when the price of 32GB cards comes down.
I've got an 8GB card and five full pages on my Vita, so I can easily see how a 32GB card, or even a 16GB card could run over this limit. Hopefully it is something Sony can fix easily enough in an update, to add folders or another structure, otherwise the company will continue to look hopelessly out of touch with digital reality and its users.