So my wife bought me a PS Vita last weekend (best wife ever!!) and it is super awesome!
Long flights (a regular thing for us

) are going to be far nicer

It's a serious upgrade on the PSP if you had one of those.
The only gripe i have so far is Sony's PlayStation Network - PSN. It's a joke. The PSV was bought in the States, I live in Africa (where there is no PSN) and i'm an Aussie.
So, which region do i make an account in? I can't make one in Africa (i'm not in South Africa, the only country with access) So i make an Aussie one, seeing as that's my "primary residence". But now i can't play any of the online content on the game from the US... great. Way to screw a paying customer.
So in review;
console = great
games are pretty cool so far, 'WipEout 2048' is really really good.
PSN = Rubbish unless you never want content outside your own region.