You're not missing anything, it's just how it is. There's always hope for CS6 and beyond, but for the time being the only kind of "vector" you will get from Photoshop is text and layer clipping masks, which will be converted to AE masks, if the PSD is imported as a composition. Still, if you want an honest opinion: People over-obsess about this vector stuff. Many times there is no need for it and a sufficiently sized raster image will work just the same and that's what I see when looking at your example. The camera moves are not that extreme that they would require excessive detail.
Ugh. That's just crazy. What in the world?
Oh, well. On my particular design, the camera will start out moved in close, so I will need the vetors. I guess I do it in Illustrator, then re-set the type in AE.
There's actually a very simple solution that I use all the time. You simply convert your type to outlines in illustrator. I do this kind of stuff at least once a month. That's the only way to go. A side benefit is that you get to work with much smaller file sizes and much faster rendering times when you're doing really big 3-D moves on a really big piece of artwork.
The only catch is that some typefaces do not convert to outlines very well. You just need to make sure by carefully examining the conversion.
Another trick is to duplicate the type layers before you convert them. I move all of the duplicated type to a separate layer that I keep at the bottom of the stack in case the client wants, and they always want, changes. That bottom layer is simply kept hidden.
If I really need to use a text animator on one of the lines, I will use the illustrator layer as a placeholder and just simply type in the word or words. Most of my designs do not involve heavy use of text animators. These tricks will work until After Effects has the ability to import LiveType from Illustrator or vector shapes from Photoshop.