Folder redirection is NOT the same as the folder list that will appear on the device, which are the folders that appear in the user's exchange client. Why you're not seeing them on the device is probably something to do with an issue you have in the setup on the device, which may have simply been an enterprise activation gone wonky.
Folder redirection being set to Inbox and Sent items simply means that e-mails sent and received will show up in those folders. You should always have the complete folder list on the device - and you can file or move message manually to any of the folders, except deleted items, which does NOT redirect or store on the device. You can read more on folder redirection here... KB04297-How to configure folder redirection to receive email messages delivered to folders other than the Inbox