I really like the size of the Vita, it feels great in my hands. However, if it was a phone I wouldn't like the size. Also, if you go the route of making it a slider styled phone, it would then be too thick for my tastes. Hiding analogs like these would require quite a hefty device and it is thick enough as it is. Remember, those analogs stick out, you can't just simply make them disappear unless you flatten them out on the device and I do not want that, no sir.
So it would be either too big or too thick as a phone. If you decide to shrink the screen to solve that issue I would then have an issue with the screen being too small, plus it would still be too thick.
I say keep it the way it is.
iPhone = Great gaming device. Don't agree? Who cares, because you're wrong.
Currently playing:
Final Fantasy VI (iOS), Final Fantasy: Record Keeper (iOS) & Dragon Quest V (iOS)