Here's what I like about it:
1. The graphics are simply awesome. I don't know how else to say it. It is amazing to see so much power packed into something so portable. I was just floored by it.
2. The touch makes the menus and games a lot more intuitive and easier to navigate through (This is why buying a screen protector with the Vita is an absolute MUST have. Mine came with one for free from the store as a part of their campaign). It is extremely smooth and very accurate from what I can tell.
3. The six axis is simply awesome. It is a lot more sensitive and accurate than iPhone and android games that I've messed with before.
4. The button/stick controls make you feel like you are using a PS3 and its much easier to play with compared to the PSP.
5. The screen is bigger(I think) and brighter. It is extremely sharp and has awesome viewing angles.
6. Wifi is very fast (and fast to reconnect when waking from standby) and it doesn't eat the battery.
7. The OS and menus are simply awesome. It is very fast and smoothy, and very easy to navigate. It is easy to start and close applications as well as multitask without feeling any performance hit (at least so far?)
8. The PS Vita looks bulky but it is actually very light. I don't know why but you have to feel it to believe it. Its the strangest thing.
9. The Vita has a built-in PSP emulator and it lets you download the games from the PSN for dirt cheap.
10. Sony also lets you migrate games you own for the PSP to the Vita via downloads. I think this is absolutely awesome!! I wish more consoles would have this option of letting you use your old games on your new hardware without having to keep/carry multiple consoles.
Here's what I don't like about it:
1. The memory card is proprietary and overpriced. I had to pay about 3000 Yen for the 8GB memory card for something that looks like an SD card knock-off.
2. The camera picture quality isn't that great at all. I dont really care about this because I have my smart phone and my own camera to take photos with before I'd ever think about using the Vita. I use it for gaming, not for photos.
3. The battery is built-in. I would prefer to have a spare battery just for backup that I could easily replace when I need to. I read reviews that the battery life is 3 to 5 hours depending on what you use it for. I admit its not much, but to be honest I never had to use it that long in a row, and it "feels" like it lasted quite a long time to me with commutes on the train. I only had to recharge it for the first time tonight from the day I bought it (Dec 21st).
4. The applications available for the Vita are slim to none. I think I spotted a total of 5 apps last time I checked. I imagine in the US it will have a lot more apps available. This isn't a big deal to me because, again, I bought the Vita to play games, not use applications. I already have a smart phone...
5. Don't quote me on this but I read online that you can only have one PS identity per Vita (I haven't tested this yet). If this is the case its really going to suck. Right now I have a Japanese account setup on it. I'd like to use a US account to access US games and apps (At least when I am in the states if not in Japan).
6. The PS Vita feels a bit bulky to me compared to the PSP, but it is a lot more comfortable to grip. Some may prefer to sacrifice the size for comfort.
Other:
1. The rear touch pad is neat, but I admit it takes some time getting used to. In my opinion it is something that needs to be developed further. It is hard to see where you are touching and I wish it would give you a better sense of the location of your fingers without trying to feel around or turning your Vita around to figure it out.
Conclusion:
I absolutely love this thing. I think its worth every penny(Or yen in this case). I really hope to see more of my favorite games coming out for this as they did for the PSP.
