the only impressive thing I see here is the "suspend mode", AKA Hibernate mode for people who use PCs (and maybe Macs?), and even then it's not THAT impressive.
Not impressed with the Vita/PS4 connection. Basically, "buy TWO Sony products to do something a competitor has built-in with one!" Unless you sucker up to buy both (and I'm sure a LOT of people will), I don't see that many people engaging with this mode of play.
Touch pad is kind of cool I guess, and I am intrigued by the "download-while-you-play".
However, the lack of backwards-compatibility is a shot in the foot fired from your own gun.
...Then again, you have to have a Vita to play your PS4 elsewhere in your house, so... I guess Sony's idea is to get consumers to buy as much as they can, sans convenience?