The PS Vita seems to have repeated the history the PSP brought: with incredible hardware specifications and a few good games here and there, one would think that the consoles would sell quite well, but it fails to compare to Nintendo’s line of DS and 3DS systems. A few points could make the PS Vita great, of course, which include lowering the price and releasing more iconic Playstation games.
Seeing as Sony doesn’t want to lower the price, and (good) games take quite a bit of time to make, there might be a new PS Vita system on the way. Just as the PSP updated regularly with new models, the PS Vita is getting a few slight hardware upgrades. 4G connectivity seems to be the main selling point here, as it will replace the 3G-capable model, but still retain the same price as said model. HDMI-out is a distinct possibility, which would allow you to play your games on any HDMI compatible screen. Also, it also seems like a new firmware would be integrated into it, which is rumored to allow for organizations via folders and other stuff.
As a reminder, Sony is planning to announce something big on February 20, 2013, and though everything points to a PS4 announcement, a small one may be made for an upgraded PS Vita system.