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VGhippy said:
To be honest despite having a Vita I would really like Sony to just discontinue it and put all it's developers into PS3 and PS4 game production, and have the Vita exclusive games like Wipeout, Uncharted GA, Gravity Rush, Soul Sacrifice ect brought over to the PS3 or upscale them to the PS4 at 1080/60fps. I know Sony want to relive the great times they had with the PSP, but we have to face it, it's not coming back, and they are burning so much money releasing great games on a platform where they will only get a fraction of the sales they would on a home console. Not to mention weakening the PS3/PS4 lineup. If you think about it, the Vita has really been a huge gift to Microsoft in the home console wars.

Discontinuing the Vita after advertising it as a companion device for the PS4 would not be good for Sony. It would not only show that Sony has no faith in their product but in their overall vision and strategy in the gaming market. It would just be a massive PR disaster if they run and quit now. 

Their best option is to lower the Vita's production (I think this has already been done), as it has found its niche audience. If they can advertise the VTV better and help localize those most wanted games stuck in Japan. Then maybe Sony could turn the Vita's fortunes around.

Edit: The PSV cannot relive the PSP success because Sony made a mistake by going with a western centric strategy on a handheld device which is not the core strength of the PSP. The only thing Sony can do is try to make the Vita into the next comeback kid (not necessarily going in par with the PSP sales) but at least within a respectable range when its life cycle ends.