Thanks to the imminent release of the PlayStation 4, the friend list has been prematurely bumped to its new upper limit – 2000 friends.
But remember; this isn’t all good news. You’ll only ever be able to see the last 100 friends online/first 100 alphabetically from the Friends app on the Vita. That said, if you use the online option you’ll probably be fine with a few hundred friends – as two thirds or more will likely be offline at any one time.
(Image courtesy of Envisager, Community Manager at the EU PlayStation Forums)