Like the iPhone, we can now store apps and games in folders on the Vita thanks to the latest firmware update that's went live overnight. You will be able to keep up to 10 games in each folder, which isn't a huge amount, but I guess you can create folders like "PSOne_arcade, PSOne_RPG, PSP_racers, and PSN_Augmented or Vita_indies" or something similar, if you've got enough storage.
Also in the update are improvements to the browser, including streaming video through HTML5, but not Flash - although that's no surprise and a few other bits and pieces including showing the currently installed card next to the time and power-bar.
UPDATE: The US PSN blog has an piece on it and the pretty pic above, but who in their right minds would put Maps in Favorites? Updated even more, the EU PSN tops that with a neat video showing off all the new features in action.