Summary : If you've enjoyed Wipeout before, then get this on Vita (buy a Vita for it if you have the funds and haven't got one yet) since this is excellent.
If you've not played Wipeout before then this is what you need to know.
Wipeout is a fast paced futuristic racing game. You race your hovering race machine through various cityscapes and futuristic tracks defying gravity, using offensive and defensive weapons, and controlling your craft with a mix of car and airplane controls (accel, brake, air brakes, roll with stick etc). It's starts off relatively easy and the futuristic setting implies an arcade experience, but towards the latter stages of the game gets hard as nails.
In addition to basic racing there are time attack, combat and zone modes.
This version supports not only Vita vs Vita multiplayer but also Vita vs PS3 thus enlarging the online community at a stroke and it works very well indeed. Additionally the excellent Vita community features mean you can always see what times and performances your friends are putting in and how you stack up worldwide.
Graphically this is one of the best looking and performing titles on Vita and that means it's probably one of the 2 best looking handheld games available today on any platform (the other being Virtua Tennis 4 for Vita).
It really is a no brainer to purchase this game if you have any interest in the racing genre at all, and to top it all this game is developed in Liverpool so we can all feel happy we supported a UK developed product!
One final note - if you have the PS3 version (Wipeout HD and/or Wipeout Fury) Sony have said that you will be entitled to download the Vita version of those tracks as DLC for FREE. A great game gets just a bit better!