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Well, I think the more important question is HOW they do it...

If they do it slowly, giving it less support, producing less units, over a longer period (lets say 2 years), people will not react at all, they will just assume that Sony is gettin ready for another generation and that this time they want to come out earlier than Nintendo, the Vita would have been in the market for almost 4 years in Japan and not many people will feel ripped off.

If they do it abruptly, that can be a problem, the consumers will feel betrayed, the 3rd party developers will still have projects in their pipeline and will either cancel them or move them to another console very fast, and they will think twice before giving full support to another Sony handheld and even consoles.