Quite honestly, I wasn't expected to be so captivated by this little piece of hardware. I thought the new "social" features were tacky and I was skeptical about the tiny joysticks; but a 30 minute session of Uncharted conviced me that this was the definitive platform for a console-like experience on the go. With incoming Playstation Plus support, more Sony-exclusive franchises making the Vita jump (as well as new ones), Cross-Buy for most titles that are available on both PS3 and Vita, the future's looking bright indeed.
Pros: -Beautiful screen -Similar CPU and GPU as the new iPad -Lots of PS3 / PSN features and games working from the get-go -Playstation Plus, Cross-Buy, PSOne support on the way -Console-quality First Party titles -Some nice and innovative uses of the gyros, front and rear touch and cameras in games like Uncharted -Nice variety of optional apps (Netflix, Facebook, Youtube, Skype, etc)
Cons: -Unimpressive battery life; cannot be changed. -Costy memory sticks -Weak third party support -Slow sales mean uncertain future for the console