PS Vita TV is a tiny Apple TV-esque box that connects to your TV and lets you play PS Vita games, PSP games, and even lets you Remote Play PS4 games. Essentially, as the name implies, it is a tiny Vita that you connect to your TV.
Coming to Japan first this November, the 9480 yen device (~$95) will also let you access digital content off the PlayStation Network, making it a rather affordable TV-connected gaming device that also happens to play Netflix, movies, and TV shows.
Content played on a PS Vita TV will run in 480p, 720p, and 1080i--making it less-than-ideal for videophiles. Also, Sony points out that not all Vita games will work on PS Vita TV, as games that rely upon touch features won't work with DualShock 3 controllers. (PS Vita TV will also support DualShock 4 controllers for PS4 Remote Play.) Finally, the hardware has been announced for Japan only--but we expect a US announcement to follow in the coming months.