PS Vita TV
The Vita TV is a strange duck - almost like an escaped skunkworks project. Some Sony engineers took a Vita and stripped out the controller and display and hooked up a DS3 and a TV then had a blast playing PSP games on the bigscreen.
It's biggest problem is compatibility with Vita games which use the touchscreen etc. features which don't exist with the DS3 controller. The DS4 controller might provide some additional compatibility, but requiring one might require waiting for the PS4 release - which has been pushed back to to February in Japan.
So maybe the Vita TV is Sony's Japanese Christmas present instead of the PS4.
IMHO it's biggest advantage is price. $100 (really 10K yen) makes it an impulse buy for many. (Although that price doesn't include the DS3 or memory cards.) However, I suspect a lot of reviews will be "The Vita TV is <negative aspect>, but it's only $100". However, it's possible Sony will listen to these reviews and release an improved version to address some of the complaints.
And because others have, I'll mention the OUYA - another $100 console. The big advantage the Vita TV has over the OUYA is the existing software library. But the OUYA is more "open" so will probably appeal more to Indie developers and those already developing for the Android platform. The OUYA will also likely be more favorable to micropayment (aka free-to-play) and advertising supported games. But the Vita TV will appeal more to developers and content providers who want a locked-down platform.
Source: PS Vita TV
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