Realized I haven't answered the OP yet >_<

The PS TV (or Vita TV in Japan) is basically a Vita turned in form of a home micro-console. The "Vita" was probably taken out to prevent confusion among consumers. When I first heard about it, I thought it was a monitor that is specifically designed to connect to the handheld Vita.

Anyways, the PS TV serves several functions. You can play Vita games as long as those games do not incorporate a lot of touchscreen controls. You can also play PS3 (and possibly PS2) games through PS Now. You can also play PS4 games via Remote Play. You can play PSOne Classics and PSP games, too.

The PS TV has media functions, too. You can use Netflix on the micro-console. Recently, Sony has made a deal with Viacom to stream TV programs to Playstation platforms and the internet TV streaming service may start later this year.

So you're looking at a $99 micro-console that can play PS1, PSP, and (some) Vita games, stream PS2, PS3, and PS4 games, use Netflix, and play TV programs.

Actually, it has the room for PSVita games.

Vita games for your TV. No touch screen though so lots of games aren't compatible.

I'm very tempted, but i hope Valkyria chronicles 2 and 3 eventually come to PS Now, because really those are the only 2 PSP games I actually want to play.

Few things: a playstation 4 DS game pad as well as a DS3 both work, so games which may need Touch controls can be patched to work with a PS4 game pad.

Also games for the playstation Tv can go to 1080i output.

Also like others have stated you can use both an existing DS3/DS4  with the playstation Tv as well the playstation vita blank and game cards both can be used in side it  as long as its using your same account as if you have a sen psn account those psvita games can be downloadef or used from you existing playststion game card saves and blank cards also as well it also has those ports as well as a network port for wired and built in Wifi as well as bluetooth.

oldschoolfool said: Scisca said: It's a Vita without a screen and buttons for $99. You get to play the PSX/PSVita/PSP games you own, can stream PS4 games from your PS4, it will be PSNow compatible thus giving you PS2 and PS3 games. All in a tiny box for a tiny price. The cons - you need a Vita memory card, a DualShock and a TV I will be getting one for sure So,the console will have it's own menu screen,seperate from the ps4.

Sure, it uses a Vita bubble menu screen, you select the bubbles with the analog stick and open them up with X

The PS4 streaming is just an app, just like PS3 streaming app, Youtube, etc.

It is basically a Vita for people who don't like handhelds

Best way to explain it is.

Vita tv is a vita with no screen.  It hooks to your tv so you can play vita games, have access to all psn content ( apps included)  also can play your ps4 in other rooms in your house via wireless. 

A vita without a screen that you plug into your TV.

I for one would buy a 'Nintendo TV' for $100.

This, more or less... imagine smash bros and mario kart on this thing.