I like my vita, my issue is actually finding good games for it. Now, I have tons of games I could buy from the PS1 era, or even from the PSP.... But why would I want to when I already have my games and those systems. There are only a few decent titles for the Vita in the US (though there are a bit more in Japan), and unless they get their head out of their collective asses they system is going to end up going the way of the dodo (or the N-Gage). If they really pushed the support for quality JRPGs on it, they would have a decent start (as there are plenty of good JRPGs that would port nicely on the vita), however in the long run they need to utilize the hardware in there to differentiate it from other handheld solutions (DS, 3DS, Android, iOS, whatever). It has the power to run some decent looking games (I'd say late PS2 ERA quality or so, perhaps better if they actually work on the optimization), it has an amazing screen, and it has the controls built right into it (versus Android or iOS).
I'm hoping the upcoming game streaming system they are planning on putting on the vita does something decent, otherwise it is going to be relegated to just being a convenient way to watch Netflix in the bathroom.