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I guess I'll just be joining the chorus here but (in order of importance to me) -

1. Memory Card Prices

2.Lack of killer apps. A few games I'd buy if I bought the system, so I'd have some software on it. but nothing screams "buy the system for this". A great Culdcept? An amazing turn based grid battle game? I dunno.

3. My PsP backlog is over 20 games high. And is half full of long, long games - fftactics, VChron2 amongst them.

4.My 3ds/ds backlog is over 40 games high.

5.My Wii backlog is over 30 games high - thinking of getting a Wii U if I'm seriously going to put a dent in it.

6. My 360 backlog is 60 plus games high ( plus xbla backlog 100 +).

All these backlogs contain many more games I'm keener to play than anything currently on Vita. Simple as that. And considering Vita + decent memory card + game is about the cost of a deluxe Wii U here in Australia - with the benefit of being able to play a chunk of games I already own. If there was some kind of Psp Bc - even at its current price - I'd buy one tomorrow. Its only about 30 games, but I'm proud of its quality!