There has always been some confusion about game saves and Memory Cards with the PlayStation Vita, but it seems this information has become clear.
PlayStation Vita games are capable of being able to directly save to their game card. For download games and games that do require separate storage space to play, Sony will be selling these Memory Cards priced between ¥2,200 for 4GB and ¥5,500 for 32MB. Square Enix sent out a package image earlier today of Army Corps of Hell on the PSVita showing an icon that flagged the game as requiring a Memory Card. It later sent out a corrected image with the icon missing.