While the Vita had been cirumvented before, it is only limited with the PSP emulation inside the handheld, now a developer by the name yifanlu had discovered the essence of running the homebrews for the PlayStation Vita.
He launch a project based on a Vita exploit he found which he obviously does not want to reveal yet. That project is called Usermode Vita Loader (UVLoader) and still in early stages.
Here’s some of the explanation we can read from yifanlu himself:
I can’t say for future Vita hacks, but this one is basically what you have for PSP with HBL. You can load homebrews but it is physically and technically impossible to load ISOs/backups/pirated content/roms since we don’t have kernel access. In addition those stuff are encrypted and we also need kernel access to even think about decrypting.
Now the advantages. 1) PSM has a limit on how much ram you can use. I think it was like half the ram on the vita. 2) PSM does not have access to back touchpad and camera and other Vita specific features (it can only use features found on psm android phones as well as vita). 3) PSM uses bytecode which is relevantly slower to run. That means no high performance emulators like N64 or PS1. There’s more reasons but I don’t have the time to type them all.