Get it. Other than the obvious graphics, I'm finding the vita version to be better in some ways. I don't play much multiplayer, but the asynchronous single player, where every billboard/speed trap and race shows you compared to your friends really fits well on vita.
Ok, so after spending some decent time with Most Wanted, I can confirm that this is basically Burnout Paradise on a handheld, with a lot better gameplay features, like being able to instantly retry races, go to other races on the map (you can still drive of course), Autolog support, etc. That's the only point at which there are some load-times, and they're not long. And police chases of course.
In a few ways the console versions are better obviously (would have liked the mugshot feature personally, especially with the Vita having a built-in camera), but that's not really relevant to me - I'm just playing the Vita version for now, and it's one of the best handheld racing games out there, with so much to do. In some ways the Vita version is also better - less traffic is actually good, as there is still plenty and with the high speeds at which the races go, it gets pretty hard not crashing into anything as it is.
I've also seen complaints about the police chases, but don't believe those complaints. They're fun, they earn you points, and when you want to get rid of them (which so far is usually pretty easy anyway, once you've gotten used to the game a little bit) you can just drop into whatever race from the quick menu (that you can access while driving using the d-pad) and the chase is over.
Actually a lot of complaints are just downsides of new upsides. For instance, some people complain that the individual races are linked to cars. But the upside of that is that you generally have balanced races for that car (off-road, turns, fast, etc.), where you could otherwise blow through those races with an overpowered car. And as each car has dedicated races, these are all unique races and so AutoLog works great with them.
Text is a tad small at times though (which is a reverse complaint on consoles).