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The PlayStation Vita version of PlayStation All-Stars Battle Royale is being developed by Bluepoint Games, the same developers who also worked on the God of War Collection, Ico and Shadow of the Colossus Collection, and Metal Gear Solid HD Collection.
On the PlayStation Blog, Bluepoint say that the PlayStation Vita version of the game will be virtually identical to the PlayStation 3 version. PlayStation All-Stars will run at 60fps on both platforms and will be cross-compatible with the PlayStation 3 version for either local or online multiplayer.
Additionally, Sony also released a new trailer for the game at Tokyo Game Show. You can watch this above.