We definitely need another 500 slots or more to be able to store all the new gear that we're getting from Annual Pass.
Black Armory + Scourge sets x 3 characters
4 sets of Gambit Prime Armor x 3 characters
Add on any cool rolls that you'd like for a potential 8 sets and you will find that under the current system, you will not be able to store it all.
I always have to go back and reluctantly delete something just to make room and am using the Postmaster on all three characters as extended vault space. Hoping we can get more space for all the rewards we're getting bungie.
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Or you can just delete what you don't use. I highly doubt you're using every item in those 500 slots.