Perhaps I'm the first headfier with one of these, I got the first edition bundle because I'm greedy and wanted it a week early. damn
Build quality is excellent on it. It's hefty. The screen is great, I'm not going to say "nothing special" since it's a really good res OLED, although the iPhone4 screen is awesome too...nice and big anyway and the touchscreen is effective. It has an obscene amount of bells & whistles that make control within games very impressive, like the gyros, camera, bluetooth, rear touchpanel, etc etc.
If you like electronic music, Lumines: Electric Symphony is pretty amazing. I've been playing it with LCD3s on. If only I could play every song I had to Lumines. If you haven't heard of it, it's like Tetris on crack. The PS Vita does a decent job of powering the LCD3s but an external amp is a good call.
Probably not a great idea to use this as a music player. You have to use a proprietary Sony app to transfer stuff to it. The memory is gruesomely expensive for PSVita and there's no card reader for it so you're stuck using Sony's proprietary stuff. I'm guessing the formats it supports are woeful. You can rent and download movies and games on the store, but with memory as limited as it is, it's not a great idea to do too much of that. I downloaded a couple games to the 8 gig memory card that cost me 30 bucks. Sony isn't making squat on the hardware itself, the hardware itself is completely depraved and probably costs more than $250 to build. Games & memory cards are where they get you.