It's true, I do loathe inventory management. Not so much at first, but in any game that has loot collecting that I play long enough, I get sick of dealing with inventory management way before I get tired of the rest of the game, and Terraria is no exception. In fact, having played it so much, my hatred of inventory management only had time to grow deeper and deeper, to the point of being the biggest single reason I don't want to jump back into the game. So yeah, this is definitely a worthwhile improvement. Exploring a virtual world and collecting stuff is tons of fun. Managing it once you have it is none at all.
With that said though, the void vault isn't quite my ideal solution. Since overflow is just going to another container, there's still going to be inventory management needed when you go back to base and have to sort the void vault contents into other containers. Otherwise, the void vault will just fill up and be useless. So while less trips back to base are nice, and stuff automatically going to an extra container is certainly a good deal more convenient than having to manually place a safe or the like to free up space, there's still a lot of inventory management to be done in the end.
So ultimately, again, the void vault is certainly a good thing. But even better would be simplifying inventory management even more by adding more storage slots to the players themselves, (the absolutely most simple and convenient inventory management improvement I can hope for,) adding more slots to chests, and making maximum item stack sizes bigger. Beyond that I have some more elaborate ideas, but I've already strayed too far into suggestions material as it is.