With the launch of the PS Vita it was possible to run PS Vita and PSP (PSN) games on the new device, but unfortunally wasnt it able to run PS1 games. With an update of the firmware Sony added the ability to run PSP/PS3 MiniS, which increased the number of playable games on the PS Vita. But there is still one problem, its still not possible to run PS1 games on the PS Vita.
The anonymous Developer, known through the PSP Emulator flash0 dump, strikes back with his newest work, the ability to run PS1 games on the PS Vita. With the help of a SaveGame exploit and a kernel mode vulnerability for the PSP Emulator he made it possible to run PS1 games. Unfortunally the sound is not working yet, but he's working on it, so very soon it will be possible to have full support for the PS1 games on the PS Vita. At the moment it is possible to play these games without laggs or freezes, the missing sound is the only problem which is left.
The Developer doesnt want to share his full work (yet), but he will share the code for the POPS when he fixed every bug which occures at the moment, e.g. the missing sound. When he shares his code with other developers, it will be possible for them to port the code to their psp emu kernel mode exploits for getting the PS1 games to work.
Official source: via PSPKing.de