PS Vita v2.10 is the most exciting version
Contain your excitement, because Sony is set to release a brand new PS Vita firmware update in the coming days. A notable improvement is that web streaming will finally be possible. Even more notable is that you'll be able to organize installed software into folders, giving Vita owners the same exciting functionality that 3DS owners were blessed with just last year.
For the time being, only 10 icons can be stored per folder, though there's always the possibility that the limit will increase in the future. And although I'm not quite sure I'm interpreting the info correctly, it also sounds like each folder will display miniaturized versions of its contents on the home screen, similar to the iPhone.
Lisa Frank folder themes sadly not included.
PS Vita v2.10 update to add folders [Gematsu]