Played it for about an hour and a half last night and I found it to be a very terrible game as well as one of those "oh look what the system I launched with can do", but not in a good way titles.
In the first few minutes I had decided I didn't like the game. It was just a piece of crap, but I was going to tread on to get to some gun play. I was introduced to using the knife and QTEs both of which force the usage of the touchscreen (unnecessarily so), no thank you. By the time I got to the point where I could shoot anything there was no forgiving how terrible the game was up to the point so at this point I was just in it because of the time I had put in to get here. The twin sticks... Sony just seems to have forgotten how to make a thumbstick that caters to what little precision they can provide in the first place. They're just as shitty, if not worse since they revolve around a smaller rotation ball, than the PS3's loose sticks. So, shooting sucks.
In short; Gameplay sucks, shoehorning of touch screen stuff (think those terrible 3rd party launch Wii games), and terrible shooting. No thanks.
Then I popped in Gravity Rush, now there was a game I could see myself buying the Vita for after it becomes the price it's actually worth and has more than a single good game.