Because they’ve seen so many PlayStation Vita versions of games get cancelled, developer/publisher EastAsiaSoft went on Twitter to assure fans that Rainbow Skies will definitely release on Vita:

Every month we read sad news about Vita games getting canceled. Rainbow Skies won’t be one of them…
? eastasiasoft (@eastasiasoft) January 8, 2017

Rainbow Skies is currently scheduled for a 2017 digital launch on PlayStation 4, PlayStation 3, and PS Vita (it was 85% complete in December). EastAsiaSoft says a physical release will “most likely” happen, but don’t expect a PS3 version to be available:
We looked into a physical PS3 release of Rainbow Skies but unfortunately it looks very unlikely at the moment. Rainbow Skies heavily relies on fast access times, so we would need to change a lot to make the game run from disc.  Not impossible but compared to PS4/Vita, it’s a ton of extra work and most likely not worth it.
In response to some questions, EastAsiaSoft added that a PS3 physical version would require one or two months of work because “the load times are different [when it comes to digital vs. disc]. We would not to cache data on HDD. It needs [an] installer, an extra menu, and other changes.”
Are you planning on getting Rainbow Skies when it launches"
[Source: EastAsiaSoft (Twitter 1, 2, 3, 4, 5, 6, 7)]
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