Looking at the January NPD, the future for handheld doesn't look too bright.
Nintendo was too embarassed to even release sales information on the 3DS. Mario Kart 7 was at a distant #7 on the software sales charts despite no new releases, and it is pretty much to only game worth buying on the system. #7 is a pretty low spot. Usually games in that position sell less than 100k. The only other game worth buying, Super Mario 3D Land, has disappeared off the top 10.
We can only take a guess at 3DS hardware sales for January, but looking at the pitiful software sales, it doesn't sound like it went over too well.
Now let's analyze the Vita. This platform has ZERO media hype. None. Nada. Type "Vita" into Google News and half the stuff is not even related to Vita, or it talks about its pathetic Japan sales (which, I might add, are lower than even the PS3's when it launched). Why do cows believe this overpriced, massive, and feature-less system will do so well in the West is beyond me. Uncharted 3 didn't even sell 2 million in the US. Hot Shots Golf is practically a niche game despite its target audience. All the other games are ports that have a superior version on a console you already own (PS3 or Xbox 360). Talk about an exciting launch.
The truth is all around us, but we're all choosing to deny it. Smartphones are selling faster than ever: almost everyone has one. These devices can play games, and they do it better. The games are cheaper, more suited to handheld play, have better graphics and appeal to all demographics. The most wanted Christmas present from children (the biggest demographic for handheld systems) was unsurprisingly NOT the 3DS. The 3DS wasn't even on the map. Kids nowadays want iPod Touches, iPads and iPhones.
For one, they are socially acceptable, which is pretty important for most young people. Second of all, they have the games people want. What are the best series on handhelds? Ace Attorney, Final Fantasy, Ghost Trick, and a bunch of other RPGs. ALL these games are being ported to iOS. You buy Resident Evil Revelations for $50 right now, but don't complain when it's available on iOS for $15, 6 months later. Third, you can truly play them anywhere. The 3DS is huge, and if you're taking it out, you better confirm to yourself that you are at least going to playing it for 10 minutes. If you're waiting in line at the bank, you wouldn't get a 3DS out. The scene would be comical. Smartphone games are the true definition of quick pick up and play. There are games you can play for as quick as 2 minutes a go, and there are deep RPGs and niche SHMUPs that can last you for hours. There's something for everyone, and almost every situation.
TL;DR Handheld system sales are very poor. Handheld gaming is outdated. New technology will replace old.
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