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It depends on where in the world you're talking about.
In the USA, the Vita is simply failing. It is being outsold by the 3DS by about 9 to 1, and is selling worse than every other console VGChartz is tracking other than the PSP. Considering how I think the PSP might never receive a retail game again in the USA, that's a small victory. And not a single Vita game is in the Top 75: Wii Sports is selling better than any Vita game in the USA.
In Europe, the Vita is doing better, but is far from ideal. It is outselling Nintendo consoles, sure, but is about on par with the ancient PSP. Tearaway charting in the 60's is the best-selling Vita game in the region, but it alone is not a sign of software success.
Japan is where half of the world's Vitas are being sold at the moment, and the handheld actually is doing decently there. Final Fantasy X HD boosted sales a fair amount, and will probably ensure future Square Enix support for the system. Still, in the top 75, only 4 games were Vita games, and three of these were not exclusive.
The big question about the Vita "turning around" though is "with what games?" And in the near future, I can't see much happening outside of Japan. Sure, Final Fantasy X HD will be a "hit," but considering how Metal Gear Solid HD sold meh under similar conditions, why would FFXHD be a turning point? Europe is about as bad. Japan will receive more notable games, but nothing huge.
As much as I am reluctant to do this, I have to compare the Vita to the 3DS. In America, the 3DS is soon set to get Bravely Default, Professor Layton, and Yoshi's Island titles as exclusives in the next two months alone. In Europe, the 3DS is getting Inazuma Eleven, Yoshi's Island, and Layton vs. Ace Attorney in the same timeframe. In Japan, the 3DS is getting Dragon Quest, Mario Party, and New Love Plus. And yet, 3DS owners are complaining of a drought.
So, in short, the Vita is not turning around. It might be getting better, but "turning around" suggests future success.
