So it can emulate 2 Vitas at once for splitscreen gaming?? That would be pretty awesome

but there are devices that already stream signals aroudn your house. They were even around since VHS was around. coudl wirelessly stream video to many TVS. 

The only real benefit of this box is I guess it supports a controller input and PSVITA games.

Can't you already do this with PS3? lol.

So we need vita mem cards to store the games? That's a bit of a limited amount of storage for a home console.

This doesn't make much sense. If someone wanted to play Sony games on a console they could just get a PS3/PS4. The only reason I can think of would be for people to be able to play Vita exclusives cheaply, but almost all of the best Vita games (Uncharted:GA, Gravity Rush, LBP) aren't supported.

It's for the Apple TV/Roku audience, with a gaming twist put onto it and the bonus of being able to stream PS4 content to a different room.

If Nintendo had made a Wii HD like this for say $129.99 with Netflix/Hulu/media functionality at the forefront, they probably would've sold a lot IMO.

This is pretty cool.

Vita Memory Cards are confirmed, External Hard Drives are not to my knowledge. thats not to say they wont be considering it has a usb port 

This will also almost certainly be a Gaikai hub for PS3 (perhaps even PS4?) streaming in the future so that's not bad either.

Can't do that on PS Vita and PSP, it's still a NEW feature to me.

Imagine if they add multi user capability to the Vita.