Well OLED screens are power efficient, it has no physical media and the Vita is quite big so they should be able to fit a substantial battery in it. On the other hand it has very powerful GPU and CPU for a handheld and it's possible that one of the things they cut to get down to the $250 price point may have been the battery (good batteries are expensive) they should get 4-6 hours depending on game and brightness without Wi-fi or 3G.
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