I cancelled my Vita pre-order.
The biggest reason is that it will tank hard in the US and want to see what Sony will do to react to that. Will they have TV out? Generous price drop (even though the thing is cheap when you consider value)? Eliminate region locking (probably unlikely)? Or will you get a nice voucher for free PSN shit to download Vita games? I don't expect the Vita to last long either and am buying it with the intentions of getting 1-2 years of content for the thing. This assumes that there won't be a PSP type thing where xseed, NIS, and Fatlus pick up the slack because there's no guarantee that they will be willing to do that with the Vita.
As much as I hate it, I think iOS is the future of portable gaming. Even though the shitware ratio is enough to make the Atari 2600 seem good, it is the future of handheld gaming. I can't stand playing most games on my iPhone (there are a few good games for it, I'm not saying there's nothing good on the thing) and it shocks me that people who hate on waggle are creaming their pants over playing games on their phone. Nevertheless, smartphones are becoming so ubiquitous to the point where 7 and 8 year olds have an iPhone or a Droid phone with plenty of content to serve them, teenagers, hipster douchebags, and people who like Cave shooters. The economy is also as such that people are probably just going to get one handheld device and the answer is clearly the smartphone. I somewhat expect Vita to be the last Sony handheld before they pack up their shit and go home.