Here's my experience, as someone who does not own a PS4 but does own a Vita:
The Vita is something I feel is hugely underutilized. It can (and does in some respects) offer a wealth of gaming options that might very well be unrivaled by any current-generation gaming device, PC and 3DS excluded. Out of the gate, Vita owners have access to a large-but-not-complete PS1 library. If there are any classics you might've missed or want to revisit, the Vita is arguably the best way to do so. And, generally speaking, you're looking at reasonably-priced games on that front.
Apart from its sprawling PS1 collection, the Vita is home to some of the best indie games of the past three years. Keep in mind, most of these games are titles you might have--or could otherwise--play elsewhere. Fez, Resogun, Rogue Legacy, Luftrausers. But the Vita's portability gives these games license to exist in flashes, typically where they are at their best. Want to get in a quick round on the go? Have a sudden itch to try and beat your high score? Suddenly these games get extra face time because of their compactness. And most feature cross-save options, so if you do own them on another Sony platform, you can hop back and forth on a connected ligament of progress.
Here's the rub. The Vita doesn't have a ton of options you can't experience elsewhere, or that you can't experience better elsewhere. It's worth mentioning Tearaway, which is getting its own PS4 port. It's worth mentioning OlliOlli (also has ports available elsewhere). It's worth mentioning Gravity Rush. It's worth mentioning Freedom Wars, but more seriously, it's important to underline that a prominent majority of Vita exclusives are not major first-party releases, not AAA experiences (you're probably thinking, "Well, obviously!"), and don't have an immediate widespread appeal. Vita exclusives, especially recent exclusives, are typically of Japanese origin, and wear that influence across their sleeves. If you are instantly turned away by anime or manga or anything that looks remotely like "Japanimation," the storefront is pretty regularly going to look like a derelict wasteland.
The Vita, right now, is a back-catalog machine. If you missed the PS1 or the PSP and want to jump into those libraries with some high-definition PS2 remasters sprinkled in here and there, the Vita is a fantastic standalone device. There are enough excellent indie games and quality current-generation ports/off-shoot titles to supplement the handheld for that use. And, down the road, if you invest in the Playstation 4 (provided you haven't already), Remote Play suddenly becomes a significant and practical selling point.
That's without referring at all to the Playstation Now service. Your temperature on that could be hotter or colder. But it is a service available to the Vita.
If you don't have any interest in returning to older Playstation titles, or already have a means to do that, and don't really game on the go, I think the Vita is a much tougher sell. Though, the potential of Remote Play gives the Vita some nice usefulness regardless.
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Personally, I love my Vita. I don't use it every day. I don't use it as much as my other gaming platforms. But I'm glad I have the Vita.
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