The point with the Henkaku source code is, that Henkaku has a vita kexploit, the pspemu is inside the vita. We also can write to any partition, but if we replace the pspemu with a version with a kexploit (somebody already tried it), the app asks for an update. If we had full access to henkaku however, we could patch that shit, thus reenabling pspiracy on the vita.This has nothing to do with HENkaku. Someone could potentially use it to bypass the blocks Sony put in place with OFW 3.55, but you most likely need another ePSP kernel exploit (not a VITA kernel exploit) to be able to load PSP ISOs.
It was. But Sony patched the kernel exploits a few firmwares ago and there is no public kexploit for 3.60.