Pros: Size, cost, display, controls
Cons: Lack of software currently, though wouldn't have time being so engrossed in MLB, Hot Shots Golf, and Wipeout.
Initial impression before buying the Vita was nice hardware, good potential, but upset with memory card pricing. However, when you stop and think about it, Apple is charging an even larger premium for memory in its iOS devices (I own 2 iPads and 1 iPhone BTW) and the memory is not removable/upgradable. Once I got past that, I took the plunge and haven't played an iOS game since. Definitely recommend.
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