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Well, it seems that Sony decided to follow a similar psychological strategy than Microsoft with the 360:
Small price tag on the basic console, huge price tag on proprietary accessories.

I personally prefer the path Sony went with the PS3, of being able to use cheap standard hardware (USB mice/keyboards/audio devices/printers/controllers, SATA harddiscs, bluetooth keyboard/mice/headsets and and and) instead of overpriced proprietary shit.
But from an economic point of view, I guess it's simply more profitable to trick the customers with a seemingly cheap basic console.

Furthermore, comparing the price of PS Vita Memory cards to the cheapest SD card available is a bit unfair anyway. Cheap SD cards use cheap and slow flash memory, while the PS Vita Memory cards will probably be high-speed devices.

And last but not least, it all depends on how much space will actually be required. My Xbox 360 Arcade for example uses proprietary memory cards as well. Even at the present day, the 64MB version costs 25 Euros at Amazon. That's even more money than the official price of the 4GB PS Vita card, but it has just 1/64th the memory. Or remember the Wii for example: It has only 512MB of storage, a good amount of that is for the system, and yet it is enough to not only store game saves, but lots of downloadable games.
And even the smallest PS Vita memory card has 8 times the space...