Sony announced at it's pre-TGS conference in Japan that a new model of the PS Vita will be released on October 10th. It's more affordable and has a bunch of improvements. Below is the list of changes for the new PS Vita model. It will retail at 19,980 Yen which is about $190 USD. There's no announcement on when the model will hit the West.
1GB Internal Storage5" LCD Screen (No OLED.)Increased Battery Life (One hour extended.)20% thinner15% lighterMicro USB PortNew 64GB Memory CardNew Colors (White, Blue, Yellow, Pink, Olive Green, and the standard black.)