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Its mainly the price.

The Vita launched waaaay to expensive, because they made a monster of a handheld.... which wasnt needed, they should have designed a cheaper handheld, that was just abit faster than the 3DS, but sellable at simular prices.

 

also as some have said... handhelds need to be really kid friendly, to become mainstream.

Most vita owners are probably late teens - adults... while most 3DS owners are probably kids.