As said on Wololo´s blog, a homebrew dev managed to run a psx game on his vita with a kernel exploit made possible by the flash0 dump.He is planing to release just the files, without the exploit after he manages to make the sound work.
http://www.youtube.com/watch?feature=player_embedded&v=8C7bWyyDXBg
http://www.youtube.com/watch?feature=player_embedded&v=8C7bWyyDXBg