I actually think the Vita did as well as could be expected considering the circumstances. The handheld market was essentially cut in half for the generation because of the growing popularity of smartphones, it had no compelling games that could entice a large chunk of the gaming audience, Sony lost Monster Hunter, the 3DS got a head start, the Vita was limping out of the gate because of greedy decisions from Sony like expensive proprietary memory, it wasn't a pirate's dream machine like the PSP was and Sony/3rd parties abandoned all support after a year, leaving the Vita to limp on with Japanese indies.
It's not like Nintendo knocked it out of the park with the 3DS either. It was essentially a half-step power-wise, even for Nintendo, with a sub-par gimmick, expensive launch price and crappy launch lineup that depended heavily on the (already departed) casual market. The difference was that Nintendo took the time and effort to right their ship while Sony just said "screw it" and focused all of their resources into the console market.
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