Other file management solutions allow for differentiation of folder structure by role (not role like with security in Vault, but role within a company). That is, people in different groups see different folder structures when they open the vault. While I believe that the current method should be retained, for those companies that have enough properties on their file objects to pull this off could see a huge benefit.
These folder structures would be created based on properties. Think of it as a supercharged saved search folder. Users, who are required to enter the descriptive properties anyway wouldn't be required to describe the object again when they select save location for the file (the same argument I have against intelligent part numbering). Also, this would allow different groups to coexist within the same vault without having to compromise efficiency so that they can use the same folder structure.
When it comes to local workspace, it doesn't really matter if it matches the displayed folder structure. This would allow vault to store the files locally in whatever structure is most efficient for the programs that use them. Pack and Go could still allow a user to export files into a particular folder structure for use outside of the PDM system.