Currently, only a part of HENkaku source has been released. Yufanlu, the HENkaku main developer, wishes that the community understands by itself how HENkaku works before releasing it (to find a smart successor for the project).
HENkaku alone doesn't allow piracy. It "only" gives a kernel access to the Vita (with great power comes great responsability

).
However, a project named "Vitamin" has been released. This project allows to remove all protections from a game and copy/install it on any Vita. The current release is only comptatible with about 50% of the games. But maybe a new release with more compatibility will come. You can follow the project here:
https://twitter.com/theflow0
For the moment, this project source stays secret and there is no plan from the developer to release it.
Unlike Gamefaqs users say, I would say it has resurected the Vita because it allows game modding and plugins

.