I agree that $48 million is not massive in relation to a company the size of Sony. At the same time, that's a quarterly loss, so if that continues and becomes $200 million for the fiscal year, that would be a substantial concern. The fact also remains that this isn't a one time event and the video game division has either lost money or produced very minimal profit since the time of the PS3 launch almost six years ago now. Personally, I consider myself a Sony fan and every TV and DVD and Blu Ray player in our house is a Sony (well except for my Samsung and Toshiba Nuons) and I own a PSOne, PS2, PSP, PSP Go and Vita.
I am very concerned about the apparent lack of support for both the PS3 and Vita on the exclusive software side. I'm not super excited about products like Wonderbook, LBP Karting or Playstation All Stars Battle Royale and I'm holding out hope that some of the PS3 games that were shown at E3 this year will be released fairly early in the year to offset what has been a fairly disappointing few months. I guess I expected more when Sony announced that there would be a consistent flow of software coming out for the Vita, but it turns out that it's really been about the same as the PSP.