So I just finished my first playthrough of the campaign on hard with an in game clock time of 6 hours and 31 minutes. Impressions are as follows.
Gameplay
This game plays like a dream. The dual analog controls are as perfect as they can get on Vita, and combined with gyro controls for tweaking the aim for that headshot, the game plays fluid, and even people new to Vita will be dancing the ballet of death in no time. The touch controls are unobtrusive and effective, they make melee kills more satisfying, and hacking more efficient. The only touch screen control I did not really like/use was touch to sprint. I found using the Circle button more effective. AI is impressive, and will consistently evade fire, flank you, rush you, or get better firing positions on you.
The gameplay mechanics are relatively deep, including melee, melee counter, ammo collection, downing and interrogation, stealth vs assault tactics, a multitude of varied and fun weapons, armors, and abilities. Enemy types are varied, and so are the environments/missions. Earning and spending credits is addicting and satisfying, and being able to replay contracts with different success parameters and rewards is awesome and reminiscent of Goldeneye/Perfect Dark 64. Overall, the best playing game on Vita, and the best gameplay in a handheld shooter, EVER.
Graphics
The graphics on display here are nothing short of wizardry. Guerrilla Cambridge have created something so mind blowing that I many times forgot that I was playing on a handheld. The most impressive thing to my eyes, is that they not only got screen space reflections a la Shadowfall, Crysis 2, and Second Son (Albeit at lower fidelity), but they use it liberally throughout the game, and combined with colorful artwork, it makes one HELL of a beautiful game. Characters are well detailed, weapon models are fantastic, scale is impressive, lighting is fantastic, and all at native resolution with little to no drops in framerate or resolution. It is the Crysis of PS Vita. If we see a game that outdoes KZ:M on Vita graphically, I will be very pleasantly surprised. Though it being only a year old, that will probably happen.
Sound
I played this game using my Turtle Beach XP Seven headset, and wow, the game sounds fantastic. Gun sounds are nice and thumpy, footsteps clear, and explosions bassy. Voice acting is actually pretty well done, and for a handheld title, rivaled only by Uncharted:GA or MGS titles. The inclusion of Visari's propaganda speeches in the background, while Helghast enemies communicate, the wind blows, and the metal creeks, all solidify into a very atmospheric audio experience.
Story
The game takes place during the events of Killzone 1-2, taking place both on Vecta and Helghan. Mission briefings do a good job of setting up contracts, and cementing their position in the Killzone timeline. Many references (even footage) to other games in the series are used. Intel you gather from hacking terminals and interrogating officers also has many good story tidbits as well. The game has a short, but interesting ride through the eyes of the Merc for hire. The story actually has more twists and turns than expected, and pretty engaging. As long as you don't go in expecting Bioshock or TLoU, it is enjoyable.
Overall
This game is a fantastic Vita title and IMO a surefire Killer app. A must buy for any Killzone fan, and likewise for any fan of FPS games.
I have high hopes for Shadowfall on PS4, but I have a feeling that this game is so good, when the dust settles, there will be people who prefer Mercenaries.
Killzone: Mercenary is the ODST of the Killzone Universe. And like that game, it will always hold a special place in my heart.