I for one am very thankful for the increased vault space.
Yes, it isn't as much as we wanted, but all the higher level players with heaps of gear now have another 16 spots for weapons, and 4 spots for armour and 4 for general/consumables/material stacks.
We have all gotten used to adapting our practices with equipment to deal with the existing vault space, and this will help to alleviate that, and I do believe this is a "short term" solution to our problem.
I do have a little bit (just a tiny sliver, though) of confidence that future updates will separate the last gen and current gen consoles further, and a more appropriate solution for vault space will be delivered eventually.
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1 of each legendary from HOW and 3 new exotics will bring you total to 12 meaning you will actually only get 4 new slots for your weapons. 1 of each armour type not including class items will make this update null and void in terms of "new" space