Unfortunately, the loss of R2's multiplayer is a major con for me. It was, to me, the best part of that game by at least a mile. And the fact that it had so much room to grow in the sequel only makes it's complete removal even harder to swallow.
Yeah, Sony's show was pretty damn mediocre. Say what you will about Vita looking awesome, but the Uncharted demo was all kinds of unimpressive, and did you see the lag while they were demoing ModNation Racers!? That was pretty disconcerting. And at this point the lack of TLG has gone from annoying to worrying. How long before we see something concrete?
That said, Sony is finally releasing a handheld with a competitive price point, so good on 'em for that.