The tilt steering actually looks pretty cool to me. I'm not the type that leans to the side in his chair when cornering in racing games (and it annoys me when I see other people do it haha), but for some reason, the way tilt steering is implemented here, it kinda looks like it makes sense. The touchscreen weapon firing does seem pointless though.
Tilt steering doesn't seem like it would work too well in a game like Wipeout. It can get insanely fast and you need to be very accurate with hitting all those boosters.
The tilt steering in Wipeout HD was a gimmick. It's way too imprecise and unresponsive to actually play competitively with. I doubt the PS Vita's would be any better.