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1. There are PSP games missing from the PS Store altogether (for example, Crisis Core) and there are PSP games which are on the store but aren't compatible with Vita (for example, Twisted Metal Head On). There's a lot of good stuff compatible but you should check first (do you have access to a PS3? You can check the PSP section of the store on there) to see if there's stuff you want.

Obviously you can't play UMD's on Vita either.

2. No region locks for Vita. Import away.

3. You'll get flooded with game recommendations, I'm sure. Tearaway; Hotline Miami; DanganRonpa; WipEout 2048; Atelier Totori & Ys Memories of Celceta are my favourite games on Vita.

4. Remote play is more a feature of PS4 -> Vita. PS3 compatibility is severely lacking, because it's not mandated like it is with PS4.

5. Other than the high memory card prices, no hidden costs that I'm aware of.

I'd always recommend getting a Vita over PSP, but there are a large number of UMD-only games that may be exactly what you're after and so I'd check compatibility first before getting either console.

Vita has a rapidly growing library so if you like JRPG's I think it'll be worth getting one eventually, but you may wish to get it down the line when it has even more games whereas PSP's library is pretty sorted now.

(I'm not a big fan of PSP though. Aside from the games, I find UMD's loud and the console flimsy. It's a big downgrade coming from Vita).

Also, consider PlayStation TV releasing in a few months. Again, it doesn't have full compatibility with all Vita games, but it's something to consider.