I know wololo has already made a compatibility list for this exploit, but in case you don’t know what you should install after grabbing the exploit, here’s a list of most common and useful apps that are confirmed to work with this exploit.

For clarity and readability, I will separate all homebrews into different categories: Emulators, Games, Tools and Menus.

Emulators

MasterBoy
MasterBoy is a great GameBoy Color and Sega MasterSystem emulator. Not only it can run both consoles’s ROMs, it does it with very good compatibility and at full speed.

Download and more info: https://wololo.net/downloads/index.php/download/1372

fMSX PSP
The great MSX computer emulator ported to the PSP that can emulate both the MSX and the MSX2+. With this emu you can play awesome games like Metal Gear, or Metal Gear 2 (those are the only MSX games I know lol).

Download and more info: http://psp.akop.org/fmsx/

gpSP
A GameBoy Advance emulator that can play most games at full speed with little issues.
Although I’m not completely sure which version actually runs on this VHBL port, I’m sure one of them does.

Download and more info: https://wololo.net/downloads/index.php/download/878

NesterJ
Awesome NES emulator with so much compatibility that even hacked games run well on it (on some other systems/emus, hacked games could potentially cause bad side effects or unwanted behavior).

Download and more info: https://wololo.net/downloads/index.php/download/426

PicoDrive
A Sega Genesis/MegaDrive emulator with good compatibility and speed.

Download and more info: https://wololo.net/downloads/index.php/download/1373

Snes9X-TYL
A port of the famous Snes emulator for PC. This port has compatibility and speed issues (specially on VHBL and the Vita, where Media Engine is not available), some are solvable, some aren’t, but most famous games should run just fine.

Download and more info: https://wololo.net/downloads/index.php/download/670

Daedalus r13
A very stable, yet unmatured Nintendo 64 emulator. While some games run well, they all work slow at some point and compatibility is not even decent. The more modern version of Daedalus – DaedalusX64 – requires kernel mode access, so this one is the only chance at getting some N64.

Download and more info: http://dl.qj.net/psp/emulators/daedalus-psp-r13-for-fw-v150.html

Games

Cavestory
One of the most popular freeware games available result of 5 years of hard work from the developer. This game is a must in your library of homebrews for your shiny new exploit.

Download and more info: https://wololo.net/downloads/index.php/download/941

JellyCar
A must have homebrew game in which you control a car and have to pass crazy and fun courses that will keep you entertained for a good amount of time.

Download and more info: https://wololo.net/downloads/index.php/download/1357

Lamecraft
An adaptation of the famous PC game Minecraft, not many words are needed to explain why this is a must have.

Download and more info: https://wololo.net/downloads/index.php/download/928

Nazi Zombies Portable
A fun and addictive survival shoot-em-up born from the same roots as the Zombie levels of Call of Duty.

Download and more info: wololo.net/downloads/index.php/download/1232

Wagic, The Homebrew?!
A fantasy card-based game created in the same fashion as Magic The Gathering.

Download and more info: https://wololo.net/download

Tools

Bookr
The famous ebook reader with PDF support, great for reading documents or books on the go.

Download and more info: https://wololo.net/downloads/index.php/download/92

PSPlorer
A very useful file browser for the PSP that works well with the new VHBL exploit.

Download and more info: http://www.qj.net/psp/homebrew-applications/psp-homebrew-psplorer-v15-released.html

PSPDoxManager
A file manager with beautiful graphics and PC-like control scheme.

Download and more info: https://wololo.net/downloads/index.php/download/1245

PSPTools
A handy homebrew with which you can test/fix various aspects of the PSP, including the buttons, joystick, directory structure, stuck pixels, etc

Download and more info: https://wololo.net/downloads/index.php/download/1328

Alternative Menus
While the default menu that comes prepacked with VHBL works well and does its job, far better alternatives are available with different flavors and feature-set.

vMenu
Created by neur0n, vMenu was created for HBL users to have a taste of an XMB-like menu with icon0.png support.

Download and more info: https://wololo.net/downloads/index.php/download/7844

yMenu
Created by wth/yosh, this menu also imitates the XMB but uses horizontal scrolling instead of vertical like the XMB. The menu uses the powerful GJE++ graphics library and this is noted by how well the menu handles.

Download and more info: https://wololo.net/downloads/index.php/download/1338

pyMenu
A simple, yet feature-rich, menu written in python and C by Acid_Snake.
Although not very handy nor popular in its first two versions, the third iteration of the menu is definitely a must try.

Download and more info: https://wololo.net/downloads/index.php/download/1339

138Menu
A new menu created by GBOT with an innovative circular interface, nice looking graphics and flexibility in configuration.

Download and more info: https://wololo.net/talk/viewtopic.php?f=53&t=33511

This is the end of the list. Please know that this is a personal list of must-haves and must-tries, my opinion does not necessary have to be the same as you.
If you think there are more homwbrews that should be here, please comment bellow and I’ll most likely make a second, updated, version of this post.

You can also check a huge list on our forums here