I was a big fan of EDF2017 on the 360 and I ended up downloading this one on the PSN Store for my Vita when it came out a couple weeks back. For whatever reason it isn't available in retail stores in the US, so that was the only way to get it.
The game itself is an almost perfect recreation of the 360 game on the Vita (including glitchy Hector animation when you shoot them fast). The visuals have been scaled down a bit, but the size of the levels, destructibility and scale and number of enemies have not been compromised at all. You can and will be totally swarmed by a hundred ants or flying ships or some combination of everything.
They've also added in a few more weapons and the ability to play as Pale Wing, though I have yet to figure out how to unlock Pale Wing. I'm assuming it may be after completing all of the levels at least once, since you generally play through multiple times at increasing difficulty. That seems like a dumb decision to me, she should have been available from the start.
The thing I've discovered while playing is that this game is almost perfectly set up for a portable game. The levels are all independent, last from 5-20 minutes, and you can select any one of them you've previously unlocked to play at any time for any of the difficulties.
Overall, fun game, lots of replayability and totally worthwhile to me as a fan of the series but probably too pricey at $40 for most.