It should be around for quite awhile. There really is no need to drop something that is seeing a lot of support and generating good revenue. We know for a fact that indie developers in the west and Japanese titles are doing quite well on the platform.
Honestly, it wouldn't surprise me if Sony pulls a Nintendo and releases a "New" Vita in Japan. Updating the insides and keeping the outside roughly the same would be a good way to cut costs.
Sony is likely looking at new possibilities as we speak. I think they will have some kind of product in the portable gaming space, though it might be in a different form than a traditional dedicated device. I have a feeling anything they release will play mobile games natively. That's way, way too big of a market to ignore. I think their next portable gaming hybrid will surprise people.
