Some people don't like the bubbles, some people hate the bubbles. I'm okay with them, but its by far a practical solution the minute you get a big games collection. Graphic designer Dribbble (Matt Race) has taken a go at mixing the best of the PS4 interface with a future Vita makeover, and the results looks pretty good.
I guess Sony don't like the bubbles either since (unlike the PSP to PS3) they didn't copy the idea over to the PS4. Is an overhaul likely? Probably not given the effort in repainting every Vita icon ever, but it would be good to see progress made in the UI.