You can boot homebrew but with nowhere near the Vita's full power. Having full access would be nice if only for the emulators.You can already boot homebrew on the Vita, with VBHL or eCFW.
Smealum's hack won't allow ROMs to be played; so it is actually comparable to a homebrew loader on the Vita such as VBHL.
It is only if you want to play Vita ROMs that you are out of luck.