You begin the game by choosing from one of five classes - not anything as traditional as "healer" or "magic user," but characters that favor certain stats over certain others. You'll gain experience by slaying monsters, and be able to assign points to the stats of your choice as you level up. Weapons degrade as you use them, fortunately, you can bring a bit of posse with you, as Book of Memories offers multiplayer, so perhaps your buddy will take pity and save you.
You'll use the Vita's touch screen to do things like collect inventory items and solve puzzles. Your backpack can only hold a specific number of certain items, so you'll have to buy a bigger one at a shop.
Silent Hill: Book of Memories for the PS Vita is set to release this October in North America and Europe.