Vta is a great system to own if you like Japanese games in the slightest.

A few suggestions:

Persona series. You can get pretty much the entire series on Vita if you include PS1 classics and PSP games.
Danganronpa 1 and 2
Ys series (Memories of Celecta for Vita. Ys 7 and Oath in Felghana for PSP)
Final Fantasy X HD remaster and FF 7, 8, 9 as PS1 classics
If you like rhythm games you may want to give the Project Diva f games a look
Gravity Rush
Muramasa Rebirth and Dragon's Crown
Tales of Hearts R
Tearaway
Uncharted Golden Abyss
Wipeout 2048
Virtue's Last Reward (If you don't already have on 3DS)
Atelier series (Rorona, Totori, and Meruru and I think Ayesha comes out soon on it)
I don't have much experience with indies but Velocity Ultra and Velocity 2X are both very fun
Classic PS1 RPG's such as Xenogears, Chrono Cross, Suikoden 1 and 2, Legend of Dragoon, Grandia, Breath of Fire 4, Wild Arms 1 and 2
Other classic PS1 games such as Castlevania: Symphony of the Night, Metal Gear Solid, Resident Evil 1-3
The Legend of Heroes: Trails in the Sky for PSP
Honestly there are a lot of PSP games I would recommend but I can't really remeber which are available to download on Vita and which aren't. You may need to look up a list.

Vita is a great system to own if you like Japanese games in the slightest.

A few suggestions:

Persona series. You can get pretty much the entire series on Vita if you include PS1 classics and PSP games.
Danganronpa 1 and 2
Ys series (Memories of Celecta for Vita. Ys 7 and Oath in Felghana for PSP)
Final Fantasy X HD remaster and FF 7, 8, 9 as PS1 classics
If you like rhythm games you may want to give the Project Diva f games a look
Gravity Rush
Muramasa Rebirth and Dragon's Crown
Tales of Hearts R
Tearaway
Uncharted Golden Abyss
Wipeout 2048
Virtue's Last Reward (If you don't already have on 3DS)
Atelier series (Rorona, Totori, and Meruru and I think Ayesha comes out soon on it)
I don't have much experience with indies but Velocity Ultra and Velocity 2X are both very fun
Classic PS1 RPG's such as Xenogears, Chrono Cross, Suikoden 1 and 2, Legend of Dragoon, Grandia, Breath of Fire 4, Wild Arms 1 and 2
Other classic PS1 games such as Castlevania: Symphony of the Night, Metal Gear Solid, Resident Evil 1-3
The Legend of Heroes: Trails in the Sky for PSP
Honestly there are a lot of PSP games I would recommend but I can't really remeber which are available to download on Vita and which aren't. You may need to look up a list.

It's been a very long time since I enjoyed a console as much as my Vita. The thing about "massive frame rate issues" isn't true at all. It's just that they run at 30fps rather than 60fps.  Jak and Daxter 1 is the only PS2 classic which has "major" issues on Vita and they couldn't even get that running at full speed on the PS3 so that's understandable.

The MGS collection difference is the ommision of the PSP MGS, however you can get that on Vita via PSN anyway and the Vita MGS Collection is pretty cheap on the store, or I got my physical release for £9.99.

It's a great system and offers the closest truly portable "console" experience on the market at the moment. With all the indie software, there is also plenty of stuff much better geared up to short bursts of gaming. It'll complement the Wii U and 3DS quite nicely as it'll open up a huge catalogue of PS1/PSP software along with some of the bigger PS2 titles as well as the native Vita softwaer (of which there is a lot more than many on this forum would lead you to believe).

At the moment, Wii U is my primary home console (despite owning a PS4) and Vita is my main portable system. :)

yes why not

Get Killzone: Mercenary! Also Uncharted, Persona, Dragon's Crown, Hotline Miami, Luftrausers, Virtue's Last Reward, Wipeout, Tearaway, Danganronpa 1 and 2, Gravity Rush, FFXHD

I'll say go for it, if there's enough in the library to hold your interest. Also, go for a Vita rather than the PSTV; since most Vita games don't work with it, you may as well just get a PS3 instead. 32 GB is all you need, too bad it's disgustingly overpriced. Some cool accessories can be found on Amazon - I've currently got two cases, one for protection (when it leaves the house) and one that makes it feel like a proper controller (for in-house play).

Currently playing Gravity Rush, Luftrausers, Duke Nukem 3D (PS+ game, more fun than I remembered), and Half-Minute Hero (great & goofy PSP RPG).

I think the Vita is the perfect console for you:
Metal Gear Solid Collection, Ratchet & Clank Collection, Jak & Daxter Collection and Sly Cooper Collection were all very very good games on the PS2.
Then there is the PS Classic game support, you can play masterpieces like Crash Bandicoot, Spyro the Dragon or Final Fantasy on your Vita.
And don't forget the PSP games, Monster Hunter, GTA or Gran Turismo.
And there are also the exclusive Vita games, like Persona 4 Golden, Soul Sacrifice or Killzone Mercenary.

The Playstation Vita is the ultimate system for new Playstation gamer!

Imma skip over my usual disdain over Sony these days and just talk about the hardware itself.. 

The Vita is a great Piece of kit. Its chunky, but its one hell of a handheld game system. there are currently a lot of Vita only games available, plus there are also a lot of ports.

If you're a fan of the hunting genere, then the Vita will be an awesome handheld to own. there's Ragnarok Odyssey Ace, Soul Sacrifice Delta, Toukiden Kawami and Freedom Wars. Then there are also PSP games like Monster Hunter Unite, Lord of Apocalypse and God Eater Burst (1 of my personal favorites)

If you're looking for JRPGs then there's Persona 4 Golden, Final Fantasy X and X-2, The Atelier games, The Neptuna games, Conception II and then there are a ton of PSP games like all of the FF games, Persona 3 Portable, Tactics Ogre and then the PSOne RPGS like Xenogears, Chrono Cross and Breath of Fire IV

Sure, a lot of the games on the Vita are ports, but you can take it with you anywhere you go which is a major plus. 

Artur said that if you liked more psp and psone games as oppose to vita games, then you should get a psp...i have to disagree. If you get a psp, you can only play psp and psone games. With a Vita, you get psp, psone and vita games. not to mention, you can map the psp controls on the touchscreen...i cant tell you how much that means to many players... for example, i no longer have to use "the claw" while playing Gods Eater Burst...whats the claw? well, the camera is controlled by the directional buttons while movement is done with the analog stick. to control both at the same time, you have your thumb on the knob and your middle finger on the directional buttons in a claw like posture. it is very uncomfortable and can cause hand cramps.

anyways, here are some games that i currently own for the vita 

Ragnarok Odyssey

Gravity Rush

Soul Sacrifice

Soul Sacrifice Delta

Dead or Alive 5 Plus

Street Figher X Tekken

Freedom Wars

Dragon's Crown

Little Big Planet Vita

Earth Defense Force

Hot Shots Golf

Dynasty Warriors Next

Uncharted Golden Abyss

Senran Kagura Shinovi VS

Persona 4 Golden

Motor Storm RC

Disgaea 3 Absence of Detention

then there are the psp games

God Eater Burst

Parasite Eve

Parasite Eve II

Strikers 1945...

grand theft Auto Vice city stories

ummm.... power stone collection

patapon

cant remember them all but here are some indeis and cross buys

Jet Set Radio

Super Stardust

Escape Plan

Mutant blob attacks

machinarium

stardrone extreme

plants vs zombies

nun attack

sunflower

men's room mayhem

oh yeah, Akiba's Trip Undead and Undressed

Need for Speed Most Wanted

..... yea... there are more but really cant remember as i have it backed up coz my 32Gb aint cutting it...

bottom line is, between all of the PSVita, PSP, PSOne, Indies, Minies and PSmobile games, I'm soure you'll fill up a 32Gb card in no time. Personally, if i had the moneyz, i'd buy a 64Gb...too bad its expensive as hell.

the current library is really good...the problem is, most of the games that will come out for the Vita from here on are minis, lazy ports or games from japan...not that i have  problem with that as i prefer JRPGs and Japanese made games...soooooo

in conclusion, get a vita, you wont regret it... just get a slightly used or referbished unit so that Sony doesn't get a dime from you coz they suck balls....yeah.. i wont get into that again...

Yeah and I also recommend NFS: Most Wanted for Vita!

Get Freedom wars and I'll play some co-op matches with you :)