I used to have a PSP and a DS. Eventually I sticked with the DS because it would fit in my pocket. Currently, I carry a 3DS in the same pocket as my wallet. It is a very portable machine, in a way the PSVita will never be.
Obviously, the Vita is a much more powerful machine but I don't think it will make much of a difference. By watching the videos of Resident Evil Revelations, I doubt the 3DS will appear to be much behind in the graphic department in the view of the customers.
Regarding the launch line up, I would say Vita is currently unannounced. Nintendo also promised a bunch of great games that they are releasing now, almost six months after the hardware launch. I wouldn't be surprised if Sony do the same.
Also, in relation to price, Nintendo is making a buck whereas Sony will lose some money at each sale. That means Nintendo have some fat to cut and keep the pressure on Sony in regard to price, which is good news to gamers like us.
I couldn't care less about browsers and other secondary functions. Most people carry a smartphone that can do all this stuff much better.
In the end, it will be up to price (Nintendo potential advantage) and games (yet to be determined). If the past can be used to predict the future, it is a fact Nintendo usually nails the software on their portable machines, whereas Sony struggled with the PSP. So far, I am not sure Sony got it, but I hope so.
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