Ragnarok Odyssey did pretty well for the Vita in Japan, holding the fort until bigger hunting games could get out. I've played the demo and it does feel a little "lite". Perhaps that'll be tweaked in the new Ace version coming to the Vita and PS3 this summer.
Packed with all the original game's DLC it will also add new content, missions and tweaks, Gung Ho are positioning it as a gateway to a proper sequel, so it'll probably be mid-priced for all these new Vita owners.
UPDATE: Gung-Ho has confirmed the game will get a western release, hopefully with less of delay over the Japanese version (given most of the work is already done).