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TC, Sony just announced a new model of the PS Vita. It's leaner, will come with built-in memory (only a gig), cheaper, but will lose the OLED screen going instead with LCD. Is that a waste of money too?

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That sounds like a down-grade, if you ask me. Sure, a "leaner" handheld is fine, as long as it's made out of stronger material.
Yeah, a cheaper price is always a plus, even though the original system will go down in price within a year.
But a 1 GB built-in memory will be gone very quickly (a few patches for your game, and say goodbye), and knowing Sony, the prices they'd charge for memory cards would be extraordinary. Not good for the consumer, but Sony's gonna get money from the fanboys one way or another.
Also, whenever I hear "LED screen", my mind immediately goes to:

And that's not a good thing. Why they would switch from a screen that's proven itself to be reliable to Game And Watch/Tiger Electronics technology is beyond me. (And yes, I am aware that it doesn't mean that the graphics will suffice. There are many televisions and HD televisions out there that use this technology, and it also has proven itself to be reliable. But, ask yourself; did you think you'd ever see a Game&Watch in this thread?)
It wouldn't be worth the buy. Just wait for the original Vita to come down in price. It'd be more worth it.

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For those without a PSVita such as myself (not enough good games to justify the investment), it sounds like a good deal to me if I see a game that I really want on it (and if the return to LCD isn't too big a step down from OLED).

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From a technical standpoint, OLED is much better than LED, however unless you're someone who obsesses with graphics (i.e. the same people who think graphics > gameplay), it doesn't make too much of a difference which kind of screen is used. The LED screen is a big reason why the new Vita model is so much cheaper, but beyond that this is pretty much the same console, only a little smaller. If you are interested in getting a Vita in the near future, i'd say go for the newer model. If you simply must get the OLED screen to satisfy your lust for graphics, go with the original Vita. Either way, enjoy your small game library :V

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Thanks for the explanation!
I suppose I'll just wait for a game I really want before investing in one then (already got my hands full with my other hobbies anyway).

Ha... so do I get an exception if I work on graphics as part of my daily work?

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Yes, yes you do.

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Cool.

Coming to think of it:
As long as dead/bright pixels don't spawn up after a month's use or so, it seems like a reasonable compromise given its form factor.

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