Sure it does. There are at least three Sonic the Hedgehog games on the app store.
If you prefer, we can say that the iPad has an equal amount of blast processing to the Genesis/Megadrive.
It may not have much in the way of games yet, but I love my Vita. Gravity Rush and Sound Shapes alone justify the purchase for me. In all probability, it'll go down in history as something of a failure, but then again, so did the Dreamcast and Turbo Duo. Are there proprietary games on the system worth playing? Yes? Then who cares how well it does, unless you're a stockholder or worry too much about what "your hardware says about you as a person".