As I see it, even creating new successful IP's could be a struggle for the company.
If they create a hardcore title, then it's not very likely to sell very well (as far as I know, feel free to prove me wrong) and even if it somehow would, then people would demand a superior home console version.
If they create a casual title though, then it's not very likely to sell well because of all the competition from smartphones and the 3DS. And on top of that: Casuals mostly prefer their games cheap, but from what I have heard the online store for the Vita is very expensive. (again, feel free to fill me in)
Sony pretty much painted themselves into a corner, in my opinion. Expensive hardware does not leave much room for casual buyers, and portable gaming does not leave much room for hardcore buyers.
