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Nintendo argues that it doesn't want to pass the rapidly declining cost of memory on to the consumer, so you'll be able to attach any form of external memory to its console.
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It also confirms the handheld's single account lock-down, noting that even your console's memory card is tied to your PSN account -- it simply won't work on your friend's Vita.
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The two highest-end versions offer memory bucket seats with a center-console shifter, like a luxury sedan.
FORBES: Magazine Article
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Also, the magazine states the console has a "large amount of flash memory, " so that no matter what hard drive you end up with, you'll always have the system software running from the included flash.
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While you could probably get along without WiFi in a home-based console that already has Ethernet, and you can always presumably hook up a memory card reader via one of the unit's four USB ports, the lack of HDMI output makes this pretty much a non-starter for anyone hoping to actually use the PS3's Blu-ray drive for anything more than playing games.
ENGADGET: $500 PS3 to lack HDMI, WiFi, card reader HD