Kudos to Iron Galaxy who have another patch out for the Vita version of Borderlands 2, using the recent OS tweaks, to free up more memory - which they say improves playability. I'll give it a shot tomorrow and let you know if there's any obvious signs of improvement.
UPDATE: After some play over the weekend, it crashed just a few minutes in - possibly coincidence, but worrying. I think the particles or their volume could be new, but there's not much overall boost to performance or smoothness.
User comments suggest the menus are now a bit snappier, general smoothness in game, let us know what you think!
Patch 1.08 notes highlight:
* Fixed various bugs.
* Improved overall playability.
* Additional vehicle control option.
* Added sort by value option for inventory.
* Added user's support ID in ShiFT menu.
* Increased drop rate of legendary items across the game.
* Update PlayStation Vita SDK to 3.500.
* Enabled +77 MB expanded memory mode.