It has a lot of cool features, it's mighty powerful, and it looks like it has some killer games...but I have no use for handhelds anymore.
The Vita looks amazing but smartphones and the iPhone in particular has pretty much just destroyed handheld gaming.
For portable games, as cool as Uncharted looks, I don't want cinematic epics for my portable gaming fix, I want Angry Birds and Words With Friends. Short, sweet, and simple is the way to go and you don't need power to do that.
Next, there's all the other things the Vita does. This is where it has the leg up on the 3DS but, again, my iPhone already does all of this and probably does it all better. If there's something I need, there's probably an app for that already at my finger tips and iOS5 made things even easier.
Finally, there's size. Phones fit easily in my pockets, handhelds don't. The Vita I'm sure is much more comfortable to hold, but I'm more concerned about the time spent carrying it around. Portable devices are all about being portable.
So as cool as the Vita is and as interesting as so many of the things are that are on it, I don't need it at all. The fact that it at least has some cool games keeps it from being a 1/10 but I'd still give my excitement level on it a 2/10.