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In my opinion it is all about momentum. Sony should have cut the price when they saw that the vita was struggling big time. E3 would have been perfect, but even TGS would have been a good option. I realise that they probably can't afford it, but the system might die soon, if they don't do something drastic.

One of the reasons games like Cod and warcraft sell like crazy is peer pressure. I just bought Guild Wars 2 because a friend insited we play it together. I have neither the time, nor spare money, but I bought it anyway. The vita has lost its momentum and has been getting tons of negative articles which makes the possible new buyers lose hope and think it's not cool to own one.