I find being able to send a colony ship to a planet on the planet list very useful, that got me thinking.
The fleet icon on the upper right show when a flag needs to be upgraded. You can look down the list and see which ships specifically need upgrading.
1. You can't sort the flags needing upgrade to the top of the list. That would be nice when the list gets long.
2. You can't open the upgrade menu directly from the fleet list.
3. You can't apply items from the vault via the fleet list. It would be helpful to apply a weapon upgrade and such without digging the flag out of a fleet.