8GB of memory? I only have an 8GB card and have some Vita, PSP, and PS1 games on PSN. It's a bit of a pain in the ass, and I should really use CMA to back up more of my games to PC between plays. It should be enough if you only really plan on PSP and PS1 though. You may have to periodically clear out some space, but honestly, I personally just haven't wanted to spend more on a memory card.
Region free? Yep. DLC is region locked (just region coding does this, really), but you can import physical games as much as you want and play them on your system.
Borderlands 2? It really isn't a lazy port. It's actually pretty impressive what they did with it. In the time I owned it, they managed to patch it up to be a pretty smooth experience. Ultimately, I did sell the game, as I wasn't patient enough to wait for a patch to fix an area in the latter half of the game that locked up every time you tried to access a shop. If you haven't played Borderlands 2 or want an on-the-go version though, I'd say it's a pretty solid port.
I personally haven't used a screen protector or a case. I might suggest a case just to avoid accidental dust scratches over time, but otherwise the system feels sturdy and I've never dropped it.
As was mentioned, the controller grip is a great peripheral for extended Vita play time. It is highly recommended if the Vita is found to be uncomfortable to hold for prolonged periods of time.
Games: Ys: Memories of Celceta, Hyperdimension Neptunia Re;Birth 1, 2, and 3, Tales of Hearts R, and consider indies like Rogue Legacy and Terraria, as they are fantastic on the Vita. For PS1, FFIX. GET FFIX. Also get Symphony of the Night if you somehow haven't played it yet.
