http://www.vitagamr.com/news/2011/11/vita_wont_play_psone_games_right_away
It's not really a feature I was die-hard wanting, but its nice to see that rumor finally answered.
As reported by Andriasang the Japanese site asks "can Vita play PlayStation Game Archives games?", which refers to PSOne and TurboGrafx-16 software. The answer is:
It won't be supported at the time of the PS Vita launch. Regarding future support, we'll share details later
It's not really a feature I was die-hard wanting, but its nice to see that rumor finally answered.