Looks surprisingly OK: http://www.youtube.com/watch?v=8lUcOmFaSY8
I have the PC version and it honestly doesn't look that much different graphically and seems to play the same. It was a decent game on the PC, despite the lack of licenses and official players, so I'd imagine it'll be decent on the Vita unless stuff has been striped out. The £39.99 asking price on the PS Store is ludicrous though; it should be £19.99 or less IMO. How on earth Sony expect the PS Vita to sell well when the games are priced the same as the PS3 and Xbox 360 I do not know. Hopefully, it'll turn up as a PS+ freebie at some point.
Xbox 360, PS3, PS Vita, Wii, PC (Intel Core i7-920 @ 3.8 GHz, 12 GB, 2 GB NVIDIA GeForce GTX 680 SLI, Windows 8 Pro), iPad 4