I really enjoy mine, I have a hard time believing those who say no actually owns one.
I don't commute much, and I try to avoid playing games at work.
So I usually play at home, instead of my PC or PS3.
The Vita screen at half a meter distance definately rivals all you see on the TV or PC-monitor..
Gravity Rush is pretty good, but my two favourites so far is Uncharted and Army Corpse.
I've never been the kind of person who worry about a potential 50$ price-cut, the backlog grows each month, and time is more important than money.
And 50$ can be made back notime, by taking advantage of special-deals happening all the time on PSN, Amazon and similar.
SCEE has been fantastic, big sales on most games for PSP and Vita from Sega, Ubisoft, Sony and Atlus.. EA and Activision, got to step up soon, if they wanna compete.

I really enjoyed Lumines on PSP, but didn't want to buy the new one for full price when there were so many other games I wanted, with the current sale wich ended July 4th, I could no longer avoid it.
I hear SCEA hasn't been good getting third parties, I think there is a Atlus sale starting in US on PSN now, so that's probably 50 titles at half price.