I got a PS Vita for Christmas. Here are my initial impressions:
The Bad: It's a shame the Vita's potential hasn't been lived up to yet, especially since some features could be easily expanded. ie: Remote Play should be able to use more features, and the Cross-Controller should be for all games. Not to mention the underwhelming performance of both COD and Resistance. They added a second stick, finally, and then managed to fuck up two FPS games from two great series. I really hope this is rectified with Killzone: Mercenary and possibly Bioshock, if that project goes forward. Also, fuck the proprietary memory cards. $100 bucks for 32gb. That's a ripoff.
The Good: That being said, the Vita itself is quite impressive. It makes up for many of the shortcomings of the PSP by having a sharper screen, more power, and more input options (front and rear touch controls and they finally added a second goddamned analog stick.) While there is a limited library of Vita games so far , you can still play PS1, Minis, and PSP games. It also has many of the functions of your typical smartphone (Camera, facebook, twitter, youtube, netflix, web-browsing, maps, etc.) Also, Uncharted and Assassin's Creed in my pants.
The Price: Now, I got mine as a gift, so this is not really my problem. But price is one thing that stopped me from buying my own before now. The games are reasonably priced at about $35-40, about the same as a 3DS game. Sony has a monopoly on the memory cards, so their price will mercilessly rape your wallet.
ADHD Version: The PS Vita is good with lots of potential. This potential has not been fully reached. Shit's too expensive (except for the games)