For better or for worse, Vita will be pitted against the Nintendo 3DS. But the comparison doesn't make a whole lot of sense, and even if you were to pit them against each other, Vita is still destined to sell better. That's because in addition to games (which Nintendo 3DS is still sorely lacking), it's also a much more powerful machine capable of doing a whole lot more than 3DS.
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Nintendo isn't the primary competition for Sony this time around. The major complaint against something like Vita is that its space is being encroached upon by the phone and tablet market, and hence the real competition for Vita will come from Apple and Android devices. There's certainly something to be said about that. People are playing games on iOS in insane amounts. Hell, 30 million people play Angry Birds everyday. That poses a real problem for Sony.
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When you combine everything the PlayStation Vita can do, it could easily make you wonder why it's been short-changed by many people in the gaming community. The Nintendo 3DS is certainly not going to take the Vita out with N64 ports and tired, worn series. The iPhone and Android phones are in everyone's pockets, but who's going to play a competent first-person shooter or action-heavy games like Arkham City on them any time soon? The Vita seems to be the best of both worlds – a technologically-advanced and connected handheld that's tailor-made for gamers.
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... No but really, just wanted to post a laughable IGN article.