Guess I'm in the minority here but I really like the Vita, despite it's two major issues.
The memory cards being priced as they are is silly, and will only hurt Sony in the long run. I got a 4gb memory card with mine, and due to needing to watch how much space is used, I'm way less impulsive with my SEN store spending than I would have been otherwise, I'm surprised they didn't factor this in, selling cheap cards would have probably improved the digital sales way beyond what they make back on the cards.
4-5 hours battery is fine with me, although not being able to swap it out is a let down.
Those two issues aside, I think it's great. For me there is something special about playing real games on a portable even when I'm at home and it does so much right. Good weight, controls are conformable, I like the size, the screen looks amazing. Now I just have to hope the games keep coming....