The worst thing that can happen is if third parties see the 3DS as the PSP's actual succesor, assuming that hasn't happened already. Sony CAN'T fix the lineup on their own barring something unexpected coming up.
The only fix for the Vita is to sit it out. As far as I am concerned, that is the only viable option I see for the platform. The longer Sony keeps it on life support, the stronger the possibility that developers will be more comfortable with incrementally increasing the production values of portable software on the 3DS, up to a point where it makes more sense to do a "big" game on the Vita instead. This might never happen. It might also happen too late because Nintendo might have another portable platform coming out by then, making the Vita old hat. It's a pretty grim outlook.