I'd be shocked if they have another handheld after this generation.

To be fair it COULD be around for quite a while. Its an indie Devs dream really and you'd imagine games that are on their that are cheap sell by the bucketloads.

It does have the potential however to be the ULTIMATE emulation device. Ya know...if that day ever comes...

Handhelds are still Nintendo's most profitable area. Of course they're going to make another one, likely with a unified OS between said handheld and their next home console. 

The title is about the Vita, since when did Nintendo buy Vita?

Also, I misread what the OP was asking.

I wouldn't even be sure the 3ds outshines the PSP in terms of raw power. Vitas hardware would be great for years to come but yeah... devs rarely want to invest in it now to even consider making a 3d game for it, sad times.

Dang, my eyesight might be wrong today, keep misreading posts. I read your post as, I doubt "there will be" instead of "they. 

No problem, I'm having the same problem today

It could last 10 years if Sony keeps producing them.
Especially Japanese developers keep supporting it. (Whenever I read Famitsu there are almost always more Vita titles featured than 3DS titles.)

The 3DS is objectively more powerful/capable than the PSP, it's not even an argument. Furthermore, mobile hardware development is improving at an accelerating rate, and if Nintendo is indeed unifying their platforms there can't be a huge difference in the power of their mobile and home platforms. So we should expect the system to be more capable than the Vita. 

Depends, if Sony's profiting from the venture, then there's no reason to cut it. Even if it is peanuts worth of money. When they start posting negative numbers, then Sony will pull the plug.