What will all that money get you? 128GB of onboard storage and a microSD slot to go with it. There's a large touchscreen, and the device runs Android — but it uses version 4.2 Jelly Bean, which came out in 2012. It also supports Bluetooth and NFC. Sony claims the device has 33 hours of battery life when playing FLAC files, and 60 hours when playing MP3s. They appear to be targeting audiophiles — their press release includes phrasing about how pedestrian MP3 encoding will "compromise the purity of the original signal."
As part of the proposed settlement, Sony will provide refunds to those who bought the PS Vita console before June 1, 2012. They'll be eligible for either a $25 cash or credit refund — or a $50 merchandise voucher from Sony. ... Among the claims challenged by the FTC: That the pocket-sized console would revolutionize gaming mobility by allowing consumers to play their PlayStation 3 games via "remote play" on the console anywhere with a Wi-Fi connection, [and] that people could engage in "cross-platform" play by starting a game on a PlayStation 3, pausing it, and continuing the game with the PS Vita from where they left off. Not really true, the FTC said.