I dont' think the high price of the Vita is the main problem. I think even the 3DS could have been a success without price cut if it had big games at launch.
One problem of the Vita: When the people realize that they must buy extremely expensive memory cards for the Vita they feel taken in by sony.
The other problem of the Vita are the games. PS3 like games for a handheld? Really? The games looks much worse than on PS3 and if people want to play games with bombast graphics, they would play it on their PS3/XBox360 anyway. On top of that: The graphics differences to 3DS seems much smaller since the 3DS XL arrived, the big screen made the 3DS graphics looks much better.
And another problem of the Vita is the bad reputation of the Vita and Sony in general. Even in the mainstream media you see articles about "the failure of the Sonys Vita handheld" and you read many articles about the financial problems of Sony. If you want to buy an expensive handheld you sure would like a bright future and many games for it, but this seems a problem with the Vita.
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