I would wait a little while longer. It's very likely for Sony to announce a Vita price drop next month at E3 (biggest gaming expo on earth.)
Anyway, I suggest buying one. It's a great platform, and the more people buy it, the more games it will get.
I worked as a gaming salesman for nearly 6 months before my aspie symptoms got me fired. While working there I saw a great opportunity when we got 4 bundles of 16GB cards with a download voucher for Modnation Racers : Roadtrip (I loved the game on PS3) for €54,90. The Vita itself was €199, so after all I paid just under 254 for the system, 16GB card and a game.
Also, get yourself PS+ and start "purchasing" some free vita games ready to download when you bought it.
Finally, if you're considering buying a PS4 at some point, it will have great connectivity with the Vita. You'll be able to run your games on your PS4 and stream them directly to the Vita, to continue playing there (like Wii U and its gamepad.) Great if you're sharing a tv.
If you like JRPG's, I suggest you look into Persona 4 golden.