It needs a HDMI out port, clickable analogue sticks and easier access to the battery. Everything else is fine.

lol at some people. The price is the issue? Not at all. It's the games.
What can Sony do? It's best if they just release good games for it and hope sales pick up. They need Vita to be profitable.

From a hardware perspective, it's awesome, but from a software perspective, it leaves me wanting.

I sold mine, I might buy another in a year or so. It's just that, right now the 3DS is starting to hit stride, it has lot's of games that I am really excited for/loving.

Sony needs to win me back, I was there on day one for this puppy, and it underwhelmed me.

To make it right, Sony needs to drop the Vita and focus on the PSP. Seriously.

Pros:
Great graphics
Well priced for hardware
Dual analogs with full home console controls
Online multiplayer
Party (Cross game) chat
Full digital library
PS Plus
Social apps, etc.
Great web browser
Large high quality screen
Dual cameras for skype, video recording, augmented reality (including cardless AR)
Front and rear touchscreens for navigation and unique gameplay
Remote play
Content manager to back up data
Cross* features with PS3 like *controller, *buy, *play, *platform, *save
Trophies
PSP, PSone, PS Mini digital library
PS Mobile games/apps
Near, game goods, players nearby

Cons:
Currently most expensive dedicated handheld option
Expensive memory cards
Screen may require protection to carry around
Almost too big to carry in a pocket
Battery capacity has not advanced with hardware power ~5 hours, downgrade from last gen, but still longest battery life handheld :S

Pros : many games in just one year, software and hardware are excellent

Cons : people thinking it lacking of games because if you have no system seller, you have nothing and you are nothing

Adults/teenagers don't want a big fat gaming handheld now that smartphones exist and offer them multitudes of different entertainment options (web browsing, social networking, texting, cheap games, music, video, etc.).

The game handheld outside of Japan is mostly a kids market. And guess who Sony has to compete with there.

Preach

I am probably going to state a unpopular opinion here, but I think that the platform is probably beyond salvaging. It has effectively moved into a negative feedback loop. That has a life and a momentum all its own. Cutting the price, or redoubling internal software development which are hardly likely to even happen in the short term. Still have to contend with the damage that has been done, and is being done as we speak.

The poor sales performance has reduced the products shelf space, and in some cases has resulted in the products removal from some retail locations. While it has also likely resulted in a severe reduction in software development both in third and first party studios. Retailers can't change their minds all of a sudden, and game development that was halted, cancelled, or that never started. Cannot suddenly manifest itself even if the sales suddenly see a upswing.

Significant real damage has already been done. There are probably going to be game droughts, and the Vita if it is in the store is still probably going to be on the back shelf. There just isn't much that can be feasibly done at this point, and what can be done will not have the full impact it would have had if Sony had done them during the Vita's first year on the market.

Look I don't really deal in fairy tales. Sony probably cannot afford to knock a hundred dollars off of the total price, pack in games to make it more appealing, and offer up the kind of first party software support guaranteed to keep third parties on board so as to at least get the platform some quick and dirty ports to cover over the gaps that are probably there waiting to be exposed in a couple months.

I honestly think that Sony has probably already waited too long.

Yes because the only way Sony can help the Vita is by not helping the Vita at all and focusing on the PSP. You have excellent logic.