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PS Vita launching in Japan this year, "other" regions by March 2012. Although you can probably already work out what "other" regions will be seeing it next March at the earliest. If a western release of the handheld is pushed to March next year, it will mirror Nintendo's launch of it's new handheld platform; the Nintendo 3DS.

The news comes from a Reuters article which discusses Sony's stratergy towards the PS Vita, hoping that the company will see a return for it's money within three years, confirming that Sony will be making a loss on each PS Vita unit at retail, unlike Nintendo which it is speculated that each unit sold makes Nintendo profit. This strategy is not unusual in the video game industry as the subsidy on hardware is made up through game licensing agreements with publishers and the sale of peripherals for the system.
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Added: 27/05/2011