A few weeks late, but for those who have a Vita lying around, not following what's been going on, a PS Vita / PSTV hack was released to enable homebrew if the firmware is ≤3.60 (Sony patched it in 3.61).

Exploit runs via the web browser and enables Vita homebrew and PSP homebrew is available via VHBL.  The Vita's DRM hasn't been cracked, so those looking to play "backup" games are probably out of luck, for now.  From what I can tell, PSP ISOs also won't work.
Here's a list of what can currently be done.
On the PSTV side, the restrictive games list which prevents most Vita games from running, can be lifted via this exploit, which, combined with the PSTV's currently low price, makes it more attractive if you want to play the games without a Vita if you don't need the portability.

From what I can tell, it's a kernel mode exploit, so there's probably more to come - it's just a matter of time.

As to how to install the exploit, there's a few methods out there.  E.g. offline PC installer or Android installer

(This post was last modified: 13/08/2016 07:26 PM by ZiNgA BuRgA.)