Memory this small in price and size of encasement makes it easy to create customized storage. Sony's 2GB Micro Vault Tiny seems redundant in title, but perhaps Micro refers to it's physical size and Tiny to the price at $44.99.
We see these little storehouses of memory being useful if you don't have a lot of memory on your current computer but want to keep your media files, or if you want to make them easily accessible to multiple computers without setting up a whole network.
One idea would be to use multiple Vaults for different purposes: one for pictures of family/travel/parties, another for music and a third for video. Storing the Micro Vault Tiny when not in use would need to be consideration since it's so small! 
Is this USB?