Will it deliver PS3 quality audio? In terms of fidelity and scope?
It really depends what PS3 games with which you want to compare the audio capabilities of PS Vita and NGS. But the goal was to allow our own WWS PS3 titles to work on PS Vita with minimum changes.
In terms of power, games process hundreds of audio channels, as well as processing high quality reverbs, etc.
We consider that a "game voice" would have resampling, volume changing, filter and some kind of codec decoding all being active.
So when I say that NGS can process hundreds of audio channels, I mean real "game voice" audio channels.
The main audio difference is obviously that it's a portable unit with stereo output, rather than full-fat 7.1. But in terms of fidelity, I'd say it's up with that of PS3, and in terms of scope, I think that the synth design is actually more flexible, allowing for wider opportunities for creativity than that of PS3 in the longer term.
Of course, PS3 is a home console. It plugs into the mains and has a fan to keep it from overheating! PS Vita is a portable, battery powered unit and as such, you have to be sensible when making comparisons between the two.
I see it like this: if you used the whole PS3 to do something amazing with audio (whatever that would be), then yes, PS3 delivers more.
But if you consider what resources are normally available for game audio on a home console (memory, CPU use, DSPs), then without a doubt, PS Vita can deliver to that level.