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HappySqurriel said:

 

A large portion of the reason Sony was so successful with the Playstation and PS2 was that they released before (most of) their competition and secured third party support before their competition released their systems. With Sony releasing their system 12 to 24 months after the Wii U launches, and potentially having damaged relationships with third party publishers due to the PS-Vita, there is a risk that the PS4 won't have a chance to be (particularly) successful.

On top of that, with the PS-Vita Sony seems to have continued with the PSP strategy (more or less) because the PSP turned out to be pretty successful in the end; but they didn't consider that the conditions that helped the PSP weren't in place for the PS-Vita anymore. The PSP launched (more or less) at the same time as the DS and third party publishers didn't have faith in the DS, the DS launched (relatively) early in the GBA's life, and Sony was the unquestioned market leader. The PS3 turning out fairly well in the end may make Sony far more likely to replicate the mistakes they made with the PS3, and we could see a very powerful system being sold for $500+, releasing 2 years after the Wii U, with less third party support.

I think it's safe to assume the third-parties are going to automatically support the PS4 and 720. So I'm not sure what you mean by the bolded.

Also, what specifically were Sony's mistakes with the PSP?