
I'm cutting and pasting from a reply I made to Dan so forgive me.
I picked one up on sale at EB. Normally the unit on its own is $100 and there's a bundle with has a PS3 controller, an 8 GB memory card and a digital code for Lego The Movie that is normally $140.
I got the bundle for $100 and needed a new controller anyway so I went for it.
It doesn't play all Vita and PSP games. Some of the Vita games use the rear touch screen and other functions so they don't work.
It does play 164 or more Vita games and a whole whack of PSP and PS1 games.
Here's the latest list from the store.
List of all Vita, PSP and PS1 games compatible with PS TV
Oh and since then I've found out that the list above is far from complete. There are a lot of others too. They really need to update the list