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That`s a actually a really good question.

In terms of Vita, Sony needs to really do something about it, because it`s been more than a year and the only market that has been revived has been the japanese market - with a price cut and a few games. Although, for how long?
If there isn`t a significant change with the Vita, it might become Sony`s last handheld console. Sony no longer has money to risk taking a hit for years like they did before.

Could MS jump in and present it`s own portable? It`s possibility, but not likely. MS`s goal has always been the living room (TV), so it`s unlikely that they will try and make na handheld.

Will anyone be interested in going against Nintendo in a handheld gaming device?
Given the popularity of indie games and how people are attracted to smartphones and tablets, i really don`t see anyone willing to invest in this market, which, frankly, is smaller than the mobile and tablet market.