Can I remove or hide the VIP Folder in Mail on iOS 6?
There currently is no way to disable the VIP folder in Mail. The best you can do right now is to move within the Inboxes section of the Mailboxes screen on Mail.

All Inboxes appears pinned to the top position, but each Inbox and the VIP Folder can be arranged in whatever order you please (but not deleted)

To drag the folder


open Mail
go to the Mailbox view
tap on "Edit" and move the folder to where you want it to be among the other Inbox entries.


Perhaps if enough people give Apple feedback we will be able to suppress VIP entirely or at least move it to below the accounts section in the Mailbox view to bury it at the end of the line.