It would mean Sony mobile would transition over to Android support and that would signal the death knoll of their $30-40 retail box games for dedicated portable gaming systems.
And without $30-40 retail pricing, budgets for mobile titles would drop to something on par with what goes into the typical iOS or Android mobile game. This is not to say that great games with plenty of depth would not still be possible seeing as how games in the mobile space have been improving rapidly in quality yet for the most part remain well under $10 in all but the rarest of instances.
It's pretty pointless to say "then I'd never buy another Sony handheld again!" seeing as how they wouldn't be selling another handheld again as such a move would signal their end of portable gaming systems.
It's also a bit pointless to say "then third party developers will never support Sony handhelds again!" seeing as how there would no longer be any portable platform to support anyway and Sony mobile would become primarily a software developer for mobile platforms. Unless they want a Playstation brand phone.
Won't venture to guess how that would effect PS4 development, but those who are supporting the platform are already waist deep in development for their first titles on the platform. Any developer to abandon ship that early because of the Vita, probably didn't have anything substantial in development anyway as mediocre titles often do (as they should) get kicked in the head.
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