via http://wololo.net/wagic/2012/02/03/v...e-will-happen/

As the release of the PS Vita in the US and the EU gets closer, Iím getting an increasing amount of requests from people about HBL on the vita. I did post a FAQ a few weeks ago, but people still seem to have questions. When will it be released? Will it allow to run PSP isos? Will it work with a demo like for the patapon 2 exploit? Does it support this or that homebrew? etcÖ

Let me try to answer some of these questions, with more up-to-date answers.
First of all, the easy ones: VHBL (thatís the super new cool name of HBL on the Vita, Iíll let you guess what the V means, I know, Iím super original) will not support loading PSP isos. Basically VHBL will have the same limitations and features as HBL on the PSP, and, last time I checked, running psp isos was not possible through HBL. The same HBL limitations apply to compatible homebrews. In a general way, user mode homebrews should work for the most part, while homebrews that require kernel access will not work. For now (but that could change), homebrews requiring network access might not work (or at least, the network part of them will not work). Like in the patapon exploit era, it is possible, depending on the success of VHBL, that we progressively increase compatibility if we (as a community) keep improving the HBL code in the weeks following the release. Oh, and I am talking about PSP homebrews, running in HBL within the PSP emulator. So, for now, donít dream about a full speed N64 or psp2 emulator. What weíll get are the PSP homebrews that you already know.

Second, the vulnerability we rely on to run VHBL is a vulnerability in a PSP full Game, not a Demo. This means you will have to buy that game on the PSN in order to run VHBL (just like in the good old days of GTA:LCS for the first eLoader on the PSP). This also means that as soon as we reveal the name of that game, Sony can probably remove it from the PSN and/or patch it.

This leads to the most asked question: when and how will this be released? Well, I have a basic idea on how the release will happen. Nothing spectacular but it should hopefully be enough to guarantee that people who are really motivated in getting their hands on HBL on their Vita will get it. Iím hoping that constantly reminding people that this doesnít allow the to run any pirated content will attract the right people to this exploit, and not the 95% of pirates that define any console hacking scene these days

In the past weeks Iíve been polishing the release process, and I canít predict the future, but hopefully it will go well.

Nevertheless, getting access to this exploit for you guys will be a matter of being at the right place, at the right time.

For now Iím thinking Sonyís reaction wil be to remove the game from the PSN within 24h of the public announcement. Worst case scenario, Sony is already aware of the vulnerability and have already patched the game. This is unfortunately not something I can test without getting any more guinea pigsÖ these guinea pigs will basically be you when the release happens, I canít really do any better than that. Obviously, the release will not happen like your typical hack release (a dramatic article on every news site of the planet copying the hackerís initial blog post). It will be, I expect, a bit more subtle than that.