Today an anonymous developer, using the kernel exploit has been able to get Playstation 1 games to run on the Playstation Vita.
Here is what he had to say.
This is a PSX game running on PSVita through the PSP Emulator. Nothing special, just showing what you can do with PSP Emulator kernel access. The sound doesn’t work yet. If I get that working, I’ll share you guys the code to get POPS.
Your anonymous Dev