Three minute load times is VERY long. I hope that's not a timed three minutes. Maybe it just felt like it was three minutes to him because he was excited to play the vita.
The 3DS is not immune to long loading times either (although 3 minutes is too long). I've heard the AR for the Vita is better implemented than the 3DS and I believe games using the AR will be more enjoyable on the Vita over the 3DS. I never had problem with the PSP analog stick but I didn't get the chance to play it much since I played my friend's PSP. I can't wait to do voice chat during gameplay and the GPS thingy sounds cool (the device will tell you in what general direction another Vita is presently). It is part of Sony's version of Streetpass called uninspiringly "Near".
Wow, it reminds me a lot of the Playstation 3. I was exited when you said awesome graphics, but dissapointed about the loading time. It sounds just like the Playstation 3; that takes forever to load certain things on games sometime. I'll probably wait a while before purchasing the handheld, I want to wait until the price goes down. From what you said, the Vita seems like a good handheld though- the pros definitely outweighed the cons. Good review, you should tell us more about the titles though.