recently (about a week back) the PS Vita TV was hacked. This is to say the Vita TV which was hardly really focus on was able to run VHBL. The homebrew is able to emulate older know system (such as SNES, Gameboy, color, etc) and yes even the possiblity to run PSP game.
More information in the this LINK
As of recent (Nov,28) team totalnoob (TN) is keeping things secretly (on the down low) reason behind are in this LINK about his in depth project for all VITA kind