Iwata laughs and Vita am cry.
But seriously, the idea is actually pretty good and the design is ok'ish, but I really hate that they put the analog sticks in some sort of hole (indentation?). If I could play my Steam library on this thing while surfing the web on my PC, that would be pretty sick.
Edit: upon closer inspection, the device has nearly everything people have asked for. HDMI output, sd card support, dual analog sticks, analog triggers. It's practically a 360 controller with a screen on it. This thing could do well.
Ongoing bet with think-man: He wins if MH4 releases in any shape or form on PSV in 2013, I win if it doesn't.