I have a vita. I bought it about two months ago and its one of the best investments i've made.
Its been pretty much replacing my ipad and i dont see a need for a smartphone anymore.
I have little big planet vita, smart ass..., uncharted, ac liberation, nfs most wanted and a shitload of psn,psp and ps1 games on it and there is still more i plan on getting (whipeout,ragnarock odyssey, persona 4 golden, psas, soul sacrifice, tearaway... I cold go on but i think you get the idea).
I've never bought this many games for a system in such a short time.
Maybe theres potential for them to market it as a tablet for children?