If you like RPGs and JRPGs, then it should be a no-brainer, buy it. Especially with over a dozen of Japanese localizations announced to be released before the end of the year.
Also, now is a perfect time to buy one, as starting tomorrow (May 6) USA gets a brand new model, which is lighter and thinner, and also has a 1GB onboard memory and can be charged using any microUSB charger. Its only drawback is an alleged drop in screen quality, going from OLED to LCD. As of tomorrow, for $200 you get an 8MB memory card bundled in, along with a download code for Borderlands 2 (an appx. $70 value).

As for non-RPG games, in my opinion it lacks many other genres except for an abundance of indies, puzzle-platformers and such. If you own a PS3 or PS4, plenty of those indies offer cross-buy (meaning you get it on both/all three consoles for same price of one copy. Some even offer cross-save, allowing you to play on both consoles continously.
There are some shooters (Killzone, CoD, Unit 13), sports (FIFA, Madden, MLB), racers, etc.
If you have a Vita, a PS+ is a great deal, giving you 2-3 free games per month, and it starts you off with Uncharted, Gravity Rush and Wipeout for free out of the gate.
Also, Vita allows you to play a selection of PSP, PS2 and PS1 on it.

I advise you to get it, but then again I am biased. Right now I play Vita even more than I play my PS4. Maybe if you go ands check the games on offer, and you can make an informed decision.
If you go to the PSN Store online (store.sonyentertainmentnetwork.com) and search for Vita games, maybe that can help you decide.

1. Does it have games? -Yes, but it depends on what you consider fun. I personally LOVE JRPGs and niche Japanese games, along with all the great PSP and PS1 classics, so I feel right at home. If you don't like those, then it might not be a great investment. If you do, you really need to get one or you are missing out, big time.

2. Is It portable? -Not as portable as the 3DS, but only because the analog sticks are ACTUAL analog sticks, not thumbpads. They stick out, making it hard to fit in your pocket. If you have a carrying case it makes it much easier.

3. Is the price worth it? -The new $200 Borderlands 2 bundle has a $40 game, a $30 memory card, and a $200 system bundled together, so it's a fantastic deal.

4. If you are OK with the above terms, YES!

Price & library of games is subjective from person to person.  It's difficult to say whether the price would be worth it to you or whether there are enough of a certain genre on it.

Look at a list of games, such as Metacritic:

http://www.metacritic.com/browse/games/score/metascore/all/vita?view=condensed&sort=desc

To examine whether there is enough on the platform for you.  I can say that there are tonnes of JRPG's and platformers on Vita though and that list is only going to grow.

Also, it doesn't fit in your pocket very well.  I carry mine around in my bag.  The slim might be better for carrying in pockets, I'm not really sure.

yes you should because..

Coming This Summer. part 2 is coming too!

I went back and forth on one for a year before buying it this year. So glad I did, the handheld feels great in my hands, the screen is gorgeous and plenty of games to play.

RPGs (my favorite genre) are in abundance and more are coming.

Tearaway may go down as one of the most criminally under appreciated games. It is an absolute joy filled plat former that had me smiling the whole time.

Gravity Rush blew me away as well being a truly remarkable and unique experience. I normally struggle with cameras and found this game to be quit easy to follow.

A year ago I thought Vita was dead and 3DS ruled, but right now they equally compete for my time.

1) I'm not a massive RPG fan but it still offers me enough games to justify a purchase. If you like RPG's, theres no shortage of games.

2) It might fit in your pocket but its still big and weighs enough that I wouldnt recommend it. Treat it like a tablet or laptop and keep it in your bag.

3) Yes its definately worth it. Its expensive for a dedicated handheld console, but you get good hardware in return. Even after buying an expensive memory card, I think it still provides a lot of value overall. Even more so if you have been adding the vita PS+ games to your basket since it started.

4) Yes.

If it has the games you really want to play and can't play elsewhere... sure, why not.