I got my copy just before the 4th of July weekend, and have gotten to play through the first character's campaign. I am thoroughly enjoying the experience. My only complaint would be that the combat can feel a tad "grindy" at times. But this actually plays into the RPG and progression elements for the game, so it is understandable, and doesn't spoil the experience. They also do a decent job with the mechanics, so you eventually stop trying to simply destroy the enemies, and start figuring out how to destroy them most effectively. (the grading at the end of each battle helps with this)
The graphics are stunning, and the Vita's screen is a perfect showcase for them. All of the vibrant, bright colors pop right out, and the solid contrast ratio of the Vita does the title plenty of favors. The controls are also a much better fit for the Vita, compared to the Wii. The Wii version was playable so long as you had one of the controller attachments. But on the Vita the controls feel really good. The analog stick works very well, and the buttons have been mapped properly too. The combat flows nicely and is easy to get into. Performance is also silky-smooth, I have yet to see any slow down or frame dropping. (despite the complexity of some of the 2D graphics) The art in the game is breathtaking. (but this was also true of the Wii version)
For anyone who likes solid 2D action games, and hasn't already played the Wii version, Muramasa: Rebirth is an easy recommendation.