Okay, so here is the real deal.
1) Its graphics are on par with the PS3
2) Much easier interface. And faster too. (Makes remote play with the PS3 actually worth using unlike on the PSP)
3) Despite sony`s claim that all digital PSP games are playable and can be redownloaded on your Vita that is actually not true (at least not as of yet) I have both Little Big Planet & Mod Nation Racer digital copies for PSP (which I got under the welcome back program) and neither of them are compatible with Vita. Also when you look on the PS Store on Vita the list of available games for purchase on PSP is much shorter then on the PSP version of the PS Store.
4) Even in Japan you can`t just transfer your UMD games to your Vita. The passport program they have there allows them to re-purchase digital copies of there game at a discount. They still have to buy the games again too. (But yeah kinda silly not to offer the Passport program in North America)
5) The 3G version of the Vita is no different then the people who pay for 3G on there iPads and other tablets. Having it though does over some additional features, but ultimately is not that vital, and as Monk stated indefinatly delayed in Canada, because the stupid CRTC`s taxes on 3G device capable devices and guidelines is insane, and makes it damn near impossible to have 3G compatible device other then a cell phone made for use in Canada. Either way not a huge loss.
Ultimately it is a solid handheld, and in my personal opinion (and this is coming from a long time Nintendo Portable supporter and genreally feel Sony is inferior to there competitors on the grand stage of things) but I don`t see this thing failing in the long run. I do think it will have a ruff launch in North America, but the truth is so did the Nintendo 3DS, and also in Japan both systems were not well received at launch. However the 3DS is doing just fine now, and so with the Vita.
Also unlike the 3DS which launched with no major titles (No Mario, No Zelda, No Pokemon at launch), Sony was at least smart enough to wait for one of there major franchised titles to be ready (Uncharted). So all in all I think there might be more sucsess.
The store I worked at when the 3DS launched does more buisness then the one I`m at now. At that store we had no Pre-orders for 3DS (which was a first for any console). The store I`m at now, again much slower, and I have well over a dozen pre-orders. And also one of the stores in my area has so many pre-orders for Vita they actually are doing a midnight launch for the Vita. (also a first for a console)
My final statement is this. Based on what I`ve seen and played so far, I would definatly drop money on it (had I not got it for free) however, not with just the inital launch. Like the 3DS, for me since I`m not a huge Uncharted fan myself, there isn`t enough games out yet to make me buy it. Which is why I didn`t buy a 3DS right aways either. But I think the Vita has the potential to give Nintendo a run for their money in the hand held business, something no company including Sony has ever been able to do before.