[Update: The bootylicious trailer shown during the stream can now be viewed above. A North American teaser page has launched. Also, Atlus says that we can expect more info on the title in late March.]
This game lives and is coming to Vita this year! Vanillaware's lovely 2D brawler Dragon's Crown was briefly mentioned and shown during this morning's streaming presentation from Sony Japan, as if to say 'yep, we're still doing this.' It's coming late this year, says Sony.
Feel free to poke around the Japanese webpage, which now confirms that this is both a PS3 and Vita title.