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Andrespetmonkey said:

The big difference with the vita is the dual analogs. This may not seem like a big deal, but for an FPS it is absolutely essential (unless you connect a mouse and keyboard to the vita) and gives FPS's on the vita some... potential. Still extremely skeptical over whether CoD will do anything spectacular for Vita though, but the 2nd analog and PS3-ish quality visuals give it a decent chance! I think!

Yap, that's a fair difference. You might be right, so we'll see.

Without wanting to be negative, and to bring points to the table, I'll try to be positive in bringing up a consideration for this.

I think it could happen, but consider other genres that are less dependent on dual analog. Take GTA. It did very well on PSP, but not near the home console counterparts.

True that now the dual-analog will remove a prior barrier, but the console to portable genre ratio is still a big gap. I'd be still shocked to see anything enourmous, but I wouldn't mind being surprised!

Here are the numbers:

PosGamePlatformYearGenrePublisherNorth AmericaEuropeJapanRest of WorldGlobal
1 Grand Theft Auto: San Andreas PS2 2004 Action Take-Two Interactive 9.43 8.48 0.41 2.49 20.81
2 Grand Theft Auto: Vice City PS2 2002 Action Take-Two Interactive 8.41 5.49 0.47 1.78 16.15
3 Grand Theft Auto III PS2 2001 Action Take-Two Interactive 6.99 4.51 0.30 1.30 13.10
4 Grand Theft Auto IV X360 2008 Action Capcom 5.87 2.74 0.13 0.95 9.69
5 Grand Theft Auto IV PS3 2008 Action Take-Two Interactive 4.13 3.24 0.39 1.43 9.18
6 Grand Theft Auto: Liberty City Stories PSP 2005 Action Take-Two Interactive 2.81 2.68 0.22 1.68 7.38
7 Grand Theft Auto: Vice City Stories PSP 2006 Action Take-Two Interactive 1.65 1.80 0.15 1.11 4.71

Still, the best PSP version was pretty close to the PS3 version, so there is hope. However, the PS2 version was the phenomenon, and COD is currently a phenomenon. If going by past trends, we could be hopeful that COD vita could sell half of COD PS3. So, that would be around 

4 Call of Duty: Modern Warfare 3 PS3 2011 Shooter Activision 5.22 4.50 0.40 1.93 12.04

6 million units.

That would be almost a 4million increase from usual shooters on portable platforms like the PSP. Well, keep that number in mind :)