In SharePoint 2010, you can configure views for different locations within the lists. For example, I can have a set of views available for the top level of the library and a different set of views available for the folders within the library.
You configure the views available using the “Configure Views for This Location” option in the views drop down list.
From the configuration screen you can determine which view inheritcance or what specific views are able for display in the specific location.
Once the views have been configured, the view drop down only shows the available views.