I know this thread is a little old, but I still think this is a pretty valid topic to discuss. (At any rate I've decided to respond, so good work bringing this back up.)
So my thoughts on another Sony handheld....
Well, just because they struck out, doesn't mean they haven't learned from it.
To be perfectly frank, I think the Vita was a fine piece of hardware. You could play lots of great games on it, the screen was amazing, the OS was bearable, and the main glaring downside was the high cost of good memory sticks.
I had access to lots of great games - I spent lots of time playing FF7 and Disgaea 3. The problem is that these were ports of older games. I loved Gravity Rush and Escape Plan. They were too short and not engaging enough though.
And then the system had tons of indie games, which could be hit-or-miss... And the main problem with that was, Sony just kind of abandoned the whole concept of releasing big console-like games for the system, which was what the Vita was originally touted for.
At the end of the day Sony supported the Vita, but could only do so much without greater third-party support. And then they kind of gave up after a while and never truly embraced making the best Vita games possible.
The confusing decision to place the Vita as a companion device to the PS3 and PS4, and to bring PS Mobile games to the PS Vita, further reiterated the idea that the Vita itself was no longer its own focus, but rather it was positioned as a separate medium for existing content.
I'm not going to say Sony couldn't come back from this and knock the socks off of Nintendo with an amazing idea for a follow-up handheld. But Sony's current tactics with the Vita would probably not work the second time around.
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