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I think the price doesn't justify the purchase, is the main complaint people have.

Screen got smaller, no more UMD (people most likely wanted something else, gamers want physical items for collection purpose, I think). The good is subjective, it got smaller (people like big screens), digital content (want physical content), improve battery life (of course "downgrading" will lead to this).

Everything seems to have made it cheaper or helpful for sony (bring down pirating) but still price it that high. I think it is skimming but maybe that is a bad tactic that Sony is using, maybe get out of the "high price" zone people think you are in.