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They'd have to shave $50 off the price of both the Vita and PS3 to make this feasible.

It'd still be $399.99 though, which is pretty damn expensive, probably a $100 more than the Wii U and comparable in price to the XBox 720/PS4.

Not sure who would be the market for this. Just because you bundle something doesn't make it a success, the PSMove/PS3 bundle was everywhere for a while too.