Over on PSN Europe the Ratchet & Clank Collection is cross-buy, meaning if you buy either the new Vita version or the original PS3 compilation, you'll get the other for free. There's no word yet if the same deal is coming to North America, though. As for a physical release, the PlayStation Blog only denotes the game as "digital."
Update: The PS Blog has updated its post, saying Ratchet & Clank Collection will in fact not launch on July 22. According to the update it's now scheduled for release on July 29.
Ratchet and Clank Collection bundles together the first three PS2 games starring Insomniac's lombax and robot duo - that's Ratchet & Clank, Going Commando and Up Your Arsenal. While the PS3 re-release was handled by Idol Minds, the Vita port arrives courtesy of Mass Media, the team behind the Jak and Daxter Collection on PS3 and Vita.