Spotted by twitter user Hiro_1998, we now have a direct comparison of the OLED Vita and the HD LCD Vita screens:
As you can see, colors are more washed out and less defined on the LCD, meaning games will look nowhere near as crisp and colorful as they do on the OLED Vita.
Here’s another comparison just for continuity’s sake, spotted by Neogaf user Benny_A:
So, I guess those who feared the worst were in fact correct – the LCD Vita is indeed worse looking.