Click Here for Picture:

And once you rip open that beautiful box you can begin your Vita experience with the following: (Translation courtesy of Google)

Welcome Space
Space Please welcome to explore and discover all the great features of PS Life through a series of minigames.

Party
You want to chat during the game? With Party can communicate with your friends at any time. This application for voice chat and text allows you to communicate with up to eight participants, regardless of what you're doing. Party also allows you to create or participate in multiplayer games, and chat with friends while playing different games, leading to PS Life chat between games.

PlayStation Store
A direct link to the PlayStation Store from which you can download all games, movie trailers, content and apps for Life PS.

Group messaging
PSN Message (Message NSP) is another great way to communicate with friends on PlayStation Network. Send your friends an update or even a picture taken with PS Life to keep them informed about your latest news. You can send a message to friends on the PSP and PS3 and entertaining conversations with multiple people.

Photo
PS Life lets you take pictures, this is a direct connection to the camera and the application to display the photos.

Near
A location-based gaming network, exclusively for Life PS. With near you keep in touch with all your friends to PlayStation Network and meet other people sharing information about you, based on the location. Press the Update button (Update) and find new friends nearby, challenge them to a game or play co-op gaming experience unique to PS Life. You can even send and receive new levels, unlockable content and gameplay elements to enhance your experience: there is a new surprise for you at every corner. You can also view the game preferences of your friends, the number of trophies and to compare their statistics to find out who the better player.

Trophies
Games for PS Trophies life support, and this app will store and keep track of trophies obtained on PS Life and PS3. Also allows you to compare trophies with those friends.

Music
A music player that lets you play your songs in the DP Life transferred via computer or PS3.

Friends
Your friends list will allow you to try and keep in touch with your friends PSN. Click on a friend's profile to find out which title is playing on PS Life or PlayStation 3. You can join the game in progress, view the titles that have recently played together or compare their collection of trophies. You can also see the latest gaming activities of friends and find out what they're doing now. In your profile you can share your personal information. Choose an avatar that represents you best, add friends and let everyone know what you're playing.

Internet Browser
Thanks to the OLED touch screen 5 ", PS Life will offer a great browsing experience on the Internet via Wi-Fi and 3G.
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Have not got one yet idk if i really want it....

Well, you have plenty of time to decide, it won't be released state-side until 03/2012. I will definitely be getting one, as close to release as possible, so that if they find some type of hack/exploit, the one I buy will be capable of experiencing it. I don't even plan on opening it for a couple months, if no one hacks it, I'll return it (no sense actually paying for all those games ) if someone hacks it, I'll install the hack, and enjoy life