[tomsem]

There are two things here:
- Collection 'sort order' (the rightmost dropdown menu, with Recent/Title/Author/Collection)
- Collections view (the dropdown menu in the middle, with content types All/Books/Periodicals/Docs/Collections/Active Content)

Collection 'sort order' is analogous to the view you had on the Touch. But for that to be enabled, you need to 'star' one or more Collections (add 'Show in all views' property). To 'star' them, go to Collections view, long tap to bring up the context menu, and pick 'Show in All Views'. Then there will be a 'Show only in Collections View' menu choice should you choose to un-star them.

Collections view just lists your collections and no other item types. It will show them whether they are starred or not. That list can be sorted by Recent or 'Title' (collection name).