There has been a great deal of speculation as of late on the fate of the Vita. It has not been selling in the west near the levels Sony would like, and there is really no software support to speak of on the system as of late. It seems Sony is also looking to stop making games for the system.
Speaking to 4Gamer Sony Computer Entertainment SVP Masayasu Ito said that "Currently, first-party studios have no titles in development for PS Vita," he said. "Since third-parties are working very hard on PS Vita, SCE’s own strategy is to focus on PS4, which is a new platform."
He goes on to say that “At the beginning the PS Vita did not resonate with age targets under 20, but now the situation is changing and the popularity with younger demographics is increasing. Minecraft: PS Vita Edition has provided a boost."
Also it seems all is not lost for the little handheld, as Ito says: "In addition to that, a variety of third party games are also planned for the future, and in order to further accelerate that flow, we decided to release new colors for the PS Vita this fall.”
With some third party games hitting the system, and a new set of colors, at least there will be something to keep the system going for a little while. Combine that with the ability for second screen support, and the system should have a bit life in it yet, although I don't foresee any major Vita push anytime soon.