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Personally I think it's much more dangerous to the Vita - the price gap between a Vita and the 12GB PS3 is tiny and the latter has a far larger back catalogue from which to choose. This is why I'm hoping PS Now works well - VitaTV isn't particularly attractive right now except for the price, but if you could reliably stream the entire PS backlog plus have access to the Vita library for a very small price, it may prove more much more enticing

Personally though I'm still sceptical as to whether or not it'll work but if SCEA in particular won't make any games for it or get larger 3rd parties on board then I'm not sure there's much else worth trying