I was disappointed, but then I went through and decided to delete the Exotics that I don't/won't ever use and found myself with a lot of free space. I dedicated particular weapons to each character so that they each hold 5 of each (Primary, Special, Heavy) with minimal need to swap later and things have been just fine ever since. Vault [i]should[/i] be a lot bigger, but it isn't - so you just deal with it.