Nintendogs and virtual pets in general have pretty much sold well over the years, so I suppose it makes sense that Sony wants to capitalize on this idea. Introducing PlayStation Vita Pets, a virtual dog simulator (maybe they'll introduce more types of pets via DLC?) that is unmistakably inspired by Nintendogs.
The big differences are that players can take their dogs on adventures, including a bit of dungeon crawling, and the dogs can speak. I mean they can literally speak and talk to you. It doesn't break the idea of raising a virtual pet at all (and isn't creepy in the slightest).
Check out the trailer below.