The Vita is awesome. I really couldn't realize it, until I had received mine in the mail, and held it in my hands. I had a PSP, and this thing is light years beyond the console that it replaced. The Vita feels incredibly comfortable, perhaps even more so than my trusty Dual Shock controllers. The miniature, twin analog sticks are brilliantly implemented, comfortable, and they function perfectly. Likewise, the shoulder buttons (and face buttons) are perfectly placed and easy to engage. Ergonomically, I couldn't ask for anything more- the Vita just feels good in my hands, and I can play it at length without any discomfort.
The only time it's NOT comfortable (or fun) is when a game forces me to use the touch screen, whereupon I'm forced to awkwardly start bumbling with the screen (or even worse, the back touch interface) with one hand, while I hang onto the console with my other hand. It's my hope that Sony will stop forcing gamers to use these awkward touch schemes. Why on earth would they develop such perfect physical controls for their handheld, and then ignore them at times? If we want to play games with touch, there are dozens of options- Kindle Fire, iPad, smart phones, etc. The Vita can and should be the ALTERNATIVE to everything else, not one more touch device that will be lost in a sea of similar devices. I can't begin to describe the frustration I felt when I was forced to use touch while playing "Golden Abyss" or "Mutant Blobs from Space". I actually had to stop playing the latter game, because I couldn't adjust to the touch portions, and they brought the fun factor to a screeching halt for me.
Now back to the good stuff... The 5" OLED screen is stunning. You really can't appreciate its vibrancy or effectiveness until you hold a Vita in your hands, and you'll most likely be surprised by its size (it seems way bigger than the PSP). Also nice is the fact that despite this large screen, the Vita easily fits into a front pants pocket, and it's rather light in weight.
As for the games that I've played, they've been truly impressive, though I haven't yet seen anything that I think is quite on par with the PS3 from a technical perspective. Nonetheless, the performance that has been crammed into this handheld is downright mind boggling. I have very high hopes for the future of the Vita, and I'm confident that it can succeed, while bringing a great deal of fun to gamers- so long as it utilizes the brilliant physical controls that are its trump card, and leaves the touch stuff to other devices.