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Personally, I see two extreme paths the PS-Vita could take ...

1) Early in the new year Sony (possibly due to third party pressure) cuts the price of a PS-Vita to $200 with a memory card, sales increase, and the PS-Vita has lifetime sales in the 45 million range.

2) Sony holds off cutting the price of the PS-Vita until it is too late resulting in a significant decline in third party support, sales never recover, retailers reduce shelf space as much as possible, and Sony is forced to cut the PS-Vita's life short (after 4 years on the market) where it sold less than 20 million units in its lifetime.

Sony will likely act somewhere between these two extremes though.