I received this (bought elsewhere) and was really disappointed. The career mode misses out on the whole *be the driver^ thing which was really good on the PS3, and it's pretty much the career mode from F1 09 with new graphics. In fact, the whole game really feels like that, things might be slightly nicer visually, drivers and tracks are for the 2011 season, but the game is pretty much the 09 version in the way it feels.
Also, the game difficulty curve is pretty odd. With automatic gears, even on the hardest difficulty you can qualify an HRT on pole, or start last and be first within a couple of laps. The cars don't seem to have any differences between them, and the lack of a challenge really takes the edge of the career mode. Also, the game seems to realise this and sets you (what should be) ridiculous targets. So an HRT would be lucky to pick up a single point all season, but my objective was something like 15.
Bottom line is, if you're a big F1 fan it'll let you down, especially if you owned 09 on the PSP or Wii, but if you just want something to play casually with an F1 theme it isn't too bad. Unfortunately I don't know if Codemasters are planning on releasing F1 2013 on Vita, 2012 never made it across, which is disappointing.