As long as you get the dev on your vita it does not matter anymore about approval from PS after all that hype business going on. But this looks like again its only a homebrew option that really we can already do with a vita, no difference, its not going to lead to any vita games. So I woudn't get to excited about it all.
Vita userland
This is where UVLoader works; we exploited some game to run code inside it’s sandbox, meaning that if that game doesn’t have camera functions, no UVLoader Vita homebrew can use the camera either. This also means, of course, we can’t load pirated Vita games and so on. A fun fact here is that, in theory, if someone finds an exploit in Kermit, the system inside the PSP emulator that talks to the Vita through a virtual serial port, they can run UVLoader in the process hosting the emulator (one level higher than a PSP kernel exploit), meaning they may be able to modify the emulator to have more RAM or faster CPU or etc. Another advantage of running UVLoader here is that because the PSP emulator has access to more Vita hardware than most games (bluetooth, camera, etc), homebrews could have more access too.
However, it’s easier said than done. It’s hard to appreciate how hard it is to get a Vita userland exploit. Let’s work backwards: we want to somehow run native ARM code, how? Well, the classic route is some stack smash. But wait, modern ARM processors have XN (eXecute Never), which is a feature that only allow code in memory to run at specific locations (these locations are determined by the kernel and are read only). Ok, we have some other choices here: heap overflows, ROP (google if you don’t know), and so on (assuming you even know you got a working exploit, which in itself is hard to know without additional information; most “crashes” are useless), but all of these choices require that you know enough about the system to create a payload fitted for the system. That means, you need either a memory sniffer or somehow dump the memory. Well, let’s rule out hardware memory sniffing since the Vita has the RAM on the same system-on-a-chip as the CPU. How do we dump the memory then? Usually, you need to run some code to dump the memory or do some kind of oracle attack on crashes or error messages or something. Option one only works if we hacked the system before, and the second one, AFAIK, won’t work because the Vita doesn’t give any information when it crashes. So how did I get the first userland exploit? I’ll leave that as an exercise to the reader…