It needs more games, lower price and good marketing, and some attention that it cannot achieve during PS4 and XBOne launch window, so if something can be done, it will have to wait anyway.
So:
1. Now: just concentrate on PS4, hype the cross-platform gameplay, make time-limited bundles and special offers, do whatever can be done to keep PSV afloat without losing money.
2. As soon as costs allow to sell it with a decent sized memory stick at a good price: secure some AAA 3rd party games, boost 1st party development and relaunch it with serious effort.
About 3rd party games: most probably Capcom will make a Monster Hunter Freedom for it when PSV user base becomes large enough, but Sony shouldn't rely on it, it would be better to develop a 1st party series that like MH and Pokémon exploit psychological mechanisms of collecting in gamers' minds. Pokémon creator clearly said it several times and Capcom learned very well the lesson, maybe Sony too should have paid more attention...
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