Seeing as it's 2am and i'm no closer to sleep, i'll throw my twopence in to ring.
Pros :
-- the screen is fantatic
-- battery life is much better than expected
-- game line up ((today)) is strong
-- PSP games get nice boost with games looking pretty neat on the new screen
-- despite being cosmetically duff, the backgrounds of the OS are at least customizable per screen and is extremely usable
-- upgrading from physical to digital is easy and no faffing about with second installs and moving save data
Cons
-- personal pet peeve - the OS music. God make it stop.
-- Vita PSN store is clumsy and needs a redesign to make searching and navigation easier
-- prices for portable games in Japan getting absurd (obviously doesn't apply to everyone)
-- some games clearly early for Japanese launch (Ridge worst offender)
-- due to nature of "console experience on the go" load times are present and in some cases are clearly noticable to the detriment of the on-the-go nature of the unit
-- unclear what the situation will be with cross region downloads
-- in OS in-game photo taking tends to cut input from the left stick - on game by game basis but it means the function is useless in some cases because it effectively ruins your game
-- auto power suspend needs to go - or at least let me set it to more than 5m
-- bubbles need to have an alternative - it's like i'm looking at a screen full of smarties
-- i've had to hard reset (for which i had to get help from online as to how to do it) 5 times, it's a pain when it happens
-- sound volume is low and even at full blast it's not what i expect
-- music player doesn't seem to have play list support - a pain for custom soundtracks
-- content pages are limited to 10 - so you can only have 10 pages of bubble icons. This seems like quite a lot but throw in that each game gets a mandatory "data area" bubble for Vita, then add PSP and smaller games like Neo geo and PC Engine and it's quite possible to hit your page limit before you hit your data limit.
-- buttons are a bit on the small side
-- in PSP mode i have a horrible tendency to rest a finger on the screen which brings up the PSP emu options which is inconvenient
-- backpanel functionality in some games is a little twitchy (mainly Dark Quest - but i'm putting it down to the game rather than the hardware)
-- general game packagin on the whole has been skimpy and it feels cheap that manuals are , in some cases, a simple one page inlay
-- Sony seem to schedule PSN downtime on thursday nights which is a pain when you want to buy games on the day of release from download