I think I have figured out the whole PS Vita strategy and how Sony is OK with the current status of the handheld.
Looking at the history of the system so far, we have seen lots of bugs with the system (at least I have personally), new apps like Facebook, Youtube, and LiveTweet. The launch of Playstation Plus on the system, the adaptation of the PS One library. The launch of Playstation Mobile. All of this is beta-phase work.
The reason the price-cut is not yet here is because Sony is still using the first adopters as beta-testers. Once the system has all the bells and whistles, a solid line-up of games, mature apps and a mature OS, a price cut will make maximal impact. If they had a price-cut now before everything is in place the comments on the forums would be that it isn't ready for primetime.
The 3DS price cut worked because purchasers were greeted with a new Mario Kart and a new 3D Mario game, with a Resident Evil around the corner.
I have no doubts about the next year of the system. It will be a very solid device. As it is right now, I enjoy playing on it a lot more than the 3DS, which is like a kid's toy in comparison.