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I'd argue it might have been too long for the Vita (over a year compared to six months), that memory card prices are still prohibitive, that it will suffer as long as the PSP is around because it lacks backwards comparability, and that Nintendo didn't turn itself around with a price cut alone but with a huge influx of high quality software that's still going on to this day.
However, I agree that Vita isn't a real flop yet because it still has a chance to salvage itself. If it took all the necessary and expensive steps. But I don't feel a price drop of the system alone could turn the tide.
A price drop alone wouldn't turn the tide of failure. Sony is willing to imitate Nintendo on the console hardware / interaction front, but won't follow suit with the Vita. Common sense dictates that the most obvious path to success is to emulate those that have succeeded. In this case cutting prices, pushing the product onto consumers to make ppl aware and most importantly, getting the games out there. But what am i saying, that makes too much sense. Sony is not having any of that.