Yeah, I've played that game. Have spent considerable time on it, and it's not remotely close to a good console game graphics-wise. Baked shadows, fake reflections, and relatively low quality textures.
What?
It certainly looks better than most VITA games out there, save for Uncharted? Baked Shadows? Yes, some maybe. So does games like Halo 4, or nearly all games for that matter. Fake reflections? Those look real time to me, well, as real time as you get in the console version of MW. Reflects everything worldwide. Textures look nice too. MW looks fantastic, especially when you actually play it on the device. Tons of polygon on screen. It may not be an open world game, but it looks tons better than the VITA rendition.
Have you played NOVA3 or did you see Modern Combat 4? Those graphics are console worthy. Infinity Blade II on Ipad 3 & 4 looks stunning too.
Now, let's say iPad's dual-core CPU and the Vita's quad-core CPU are about the same power-wise. That leaves the iPad's new GPU. It's TWICE as powerful as the Vita's, and has to push FOUR times the pixels. This alone makes your point moot. THEN, on top of that, the Vita has 128mb of dedicated VRAM, less OS overhead, and low-level APIs.
The dual core in A6X is regarded as more powerful than the quad core Cortex A9. Now, AFAIK, resolution does not work like that. Your GPU isn't crippled proportionally to the resolution you are displaying. Many factors come in. Just to make your argument as precise as possible, you should take note that the iPad 4 doesn't sport 4, but 6 times the resolution of the VITA. This will indeed give worse results compared to the VITA on certain, very specific situations, but the reality is that it has around twice the GFLOPS, twice the ALU, low level tweaks and better fillrates. In nearly all situations, you will end up with better graphics on the iPad 4 anyway with a better framerate because A6X has the necessary fillrates and memory bandwidth it needs to push solid performance at that resolution. Also, like the VITA, devs has the option to run their games at a lower resolution. 1024x768 is a popular one, which fit perfectly with the pixel density of the retina display. At that resolution, the iPad 4 would simply destroy anything the VITA offer, while still running at a better resolution than the sony handheld.
OS Overlay? iOS6 runs fine on a 128mb ram device like the ipod touch 3rd gen. It's not windows heavy for god's sake. It probably has a similar memory footprint as metro 360.
Finally, do we even know what type of VRAM is used for the VITA? I've searched and searched for an answer for this ,but never actually found anything about it. Having a reserved amount of memory as "VRAM" is nothing to write home about if it's running at the same speed as your main memory. Until some body find a real statement about it, then iPad 4 would still have an advantage here with 1gb of ram.
I own both of these device and to me it isn't a contest anymore. The iPad 4 surpassed the VITA and this does not come as a big surprise as technologies evolve in such an astonishing speed, especially in the mobile space.