This (or something similar) happened to me. I powered down my phone but did not take out the battery and it restarted the part that loads the win 7 rom while I still got the screen with the coloured bands on.
Try, taking out the battery for 10 se...
Dont compare shovelware...look at Wipeout, Rayman or Uncharted to see what Vita can do. I have both the Play and the Vita. You cant run emulators on Vita or make phone calls so they are two seperate devices really each performing multiple function...
Myself, and a few others, have manged to reformat the SD card in a single button press by puttinf it into a digital camera and using the format option. It shows the card as 200mb but after the lighting quick format reads the correct size...voila.