One of the Kotaku guys has done this and he gets a couple of bouts of Vitastab as he sets it up. There's quite a bit to do as you set up the various connectivity systems. This isn't a console for a kid's birthday.
There are plenty more videos of the Vita's features (Remote play, Near, Social, Music etc) in action in a later post. Also, word is don't bother importing, customs are throwing a strop at the Lion battery and returning them to sender.