On August 28th, the PS Vita will be getting firmware version 1.80, which will include compatability for PlayStation One games. FINALLY. Please note, however, there has been no confirmation as to which PSOne games will be available at that time. Will the Vita have access to the entire current library on the PSN or will we have to wait for a Vita-enabled library? Knowing Sony, no one should be surprised if it's the latter.
Also included in the update are the following features:
- Added use of button controls for applications where only touch controls were allowed;
- Speed control and repeat controls for video;
- Playlist compatability with both the PS3 and iTunes playlists; and
- A "Cross Controller" feature that will increase cross-platform functionality with the Vita's Remote Play features.
Be prepared for several updates to release in quick succession after 1.8, as several hacks out there have exploited PSP games on the Vita. Reason points that hacks for a PSOne emulator on the Vita should be just as easy to exploit. Yay.
[Source]