I think it would be awesome if Destiny would make use of the vita second screen. My idea would be to make the vita be your inventory management tool. It would be really nice if by activating your vita you could mange all the inventory stored in the tower on the vita interface. That way you wouldn't have to run back and forth to the tower. The interface could be like you're controlling a ghost that would interface your vault and could switch out gear in that manor.
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Or just create a phone app ! That would be amazing if I never had to go to the tower just to pick up things from the vault. Major time waster