That's what this new IGN article says:

http://vita.ign.com/articles/121/1218886p1.html

...am I reading this correctly? That's awesome if so.

Better linkand not quite, it seems that if you purchased the DLC characters on one version you get them on the other for free. Funnily enough Jeff talks about it on the first part of 3 Vita Quicklook (subscribers only) and the UMvC3 Quicklook about this. Saying that it would be neat if it happened, but that it's not expected.

@RainVillain said:

That's what this new IGN article says:

http://vita.ign.com/articles/121/1218886p1.html

...am I reading this correctly? That's awesome if so.

no you forgot the word dlc.

That would be cool if it was the whole game, I'm guessing that you will only be able to play downloadable game across both systems and not retail games like UMvC3.

EDIT: Also, is there any point in buying Wipeout 2048 now seeing as you can play Wipeout HD on Vita?

@Hockeymask27:

"And if you already own any of the above games on your PS3, you will be able to download the equivalent software to your PS Vita for free, and vice versa. So there's no longer any need to purchase the same content twice."

I don't see the word DLC in this passage..

@RainVillain: It's poorly worded errrrr I mean *insert IGN joke here*. In the paragraph above it says "Ultimate Marvel vs. Capcom 3 DLC".