@Windows_10_User I think the best way for you to have all your questions answered is if you actually go ahead and install the CFW so you can see for yourself how it works.
As for PS1 games, they are not working on PS Vita for two reasons:
- The current ARK bootloaders are running on the PSP emulator of the Vita, which lacks any PS1 emulation. I don't want to include Sony files in ARK to make it fully open source and free from copyrighted material, also because the PS1 emulator for PSP on Vita doesn't have any sound.
To have fully working PS1 support we would need to make use of the actual Vita's PS1 emulator, which is actually the PSP emulator with some modifications to have it run the PSP's PS1 emulator (with sound processing done by Vita), but:
- There are currently no bootloaders to run ARK within the PS1 emulator of the Vita. There used to be an exploit way back in firmware 3.20 to let you run CFW inside PS1 emulators and thus would give you 100% fully working PS1 support (TN-X and ARK-3, ARK-4 inherits this and thus can work with it), but this was patched long ago and there hasn't been any native vita plugin to bring it back, except for Adrenaline itself.