The PS Vita WiFi Model would retail at $249.99 once it hits the retail stores while the 3G with WiFi version would retail at $299.99. The Nintendo 3DS retailed at $250 when it came out, but it's about six months ahead of competition. By that time, I wonder how much the 3DS price would have gone down, and would the Vita's superior graphics overshadow the 3DS's strategy to enter the market early? Gamestop.com currently price PS Vita games such as Uncharted: Golden Abyss and LittleBigPlanet at $39.
Aside from this, the PS Vita is backed by a lot of big game development studios already such as Rockstar, Capcom, SEGA, EA, Epic Games, and Activision to name a few. The new portable will also get a port of Street Fighter X Tekken, which is soon to be released for the PS3 and XBox 360.
There won't be a TV out or HDMI support for this system, they have decided to take that out I guess to lower down the price. As for backwards compatibility, it would seem like there won't be any problem playing legacy titles that comes from the PSN.
PS Vita Technical Specs
Aside from the things that I mentioned above, a more detailed hardware specification include an ARM Cortex A9 4 core CPU, SGX543MP4+ quadcore GPU, a touch screen, a rear multi-touch touch pad, front and rear cameras, built-in stereo speakers and micro phone, motion sensor, electronic compass, and a built-in GPS.
As for the PlayStation Vita release date, no exact release date has been given by Sony but we do get a timeframe which is this year around Christmas time (4th quarter). It's an overwhelmingly load of technology these days!