UPDATE: Wololo confirms the potential for Vita piracy
The wild ride of the Vita scene continues. The well known hacking site Wololo has confirmed that reputable sources have found out that there is a definite way to dump and run backup copies of PS Vita titles. Be sure to stay tuned, as GBAtemp will be covering more news on this as it comes in.
I have now been provided enough evidence by several hackers that Piracy on the PS Vita is a technical possibility. I have been sent proof of concept pkg files, and explanation on how the dumping process was done, by different groups.
UPDATE: Odin Sphere: Leiftrasir decrypted
WARNING: Do not install the "cracked" Harry Potter game! It WILL brick your Vita!
Video tutorial: How to install a "cracked" game (Tokyo Xanadu)
Video tutorial: Odin Sphere
Diva X, Trails of Cold Steel II and Muramasa Rebirth (JP) "cracked".