Can anyone give me a quick run down of how PS Tv works ? I currently have a vita will that do anythign for me ?
No. It has the same specs and OS than the regular Vita, but it is a mini console to be used with your TV and a Dualshock 3 controller. It will only run Vita games that don't use touch input (except games patched for it like Killzone and Soul Sacrifice), with support to both physical cartridges and digital copies. It will support PS1 and PSP games like the regular Vita and the same PS4 remote play capabilities.
Unless you want a Netflix box or a way to use your PS4 in other rooms it won't do anything your Vita does not.