From Neogaf:

=============================================================================================

I just got back from the Vita event in Osaka (where I got to try most launch titles), and they gave us this little catalog with the launch line up of games and accessories. There also a FAQ section at the end, and that's where I found this bad news:

(translation from Japanese by me, apologies if it doesn't sound natural in English).

So there you go. Forget having multiple accounts for your brother or your gf. Forget having multiple accounts for each region.

Source: http://www.neogaf.com/forum/showthread.php?t=454239

=============================================================================================

If this is indeed the case (as it seems to be), from a practical point of view there goes Vita's region-free functionality - for digital content at least.

The Vita is turning out to be a joke. $120 memory cards now this. Sony are losing it. What a shit company. Their days of dominance are long gone.

Honestly I don't really bother since I don't hand my portable devices over to friends and family, I would have a problem if they would do so with the PS4... but for people who would like to share their PSV it definetely sucks... on the other hand, does formating the system also mean that you have to format the saving device? or will your savegames be kept even if you reset the device to factory defaults?

Sony's really backending all the bad news about Vita.

I don't know about saving device, I would think not (but I don't know). That said, the main concern for most as I see it is not the sharing aspect, but for those that have different PSN accounts for different regions.

That sux. I hoped they go for ps3 like system not make it harder that it was already in PSP.
But in PSP account only mattered for digital stuff.

Boy, Nintendo fans, are way more interested in this device than any other, i'm pretty sure OP is never going to even mention the PS Vita in public conversations, unless its has to do with 3DS being the better handheld, give it a rest already, why aren't you playing Skyward Sword?

Oh... yeah^^ forgot about that, I have four PSN accounts by myself, though if I don't lose my stuff reseting the PSV and I really need to get something I think I can survive doing the work to reset 2 times in a row... question tough will the download work on the other PSN account, we will have to see... I know I will get a PSV either way, my PSP 1000 is so crippled, I don't know if it will take more of me handling it and I definetly need a new handheld since I came to the conclusion that phones suck as a replacement for a classic handheld.

i don't really see what the big deal about this is

unlike the 3ds retail games from other regions will still work this only impacts digital games and beyond that in terms of sharing, this is a more personal device than say for example a ps3 where all people from a household may play...

i can't see myself lending out something like this to the extent where a seperate account would be needed

You can always hope that they announce you can visit any region's store from one account. I'm sure it wont happen, but.. oh well...

I wanted multiple accounts so I could get Megaman Powered Up on Vita... Even if I had to get Rockman Rockman out of the japanese store.

Whatever... Just gonna have to bug capcom. Love that game, and my PSP has been broken since April 10th. Instead of making alternate accounts, I would think the better idea would be to say something to sony about having the stores as fair as possible. It's digital, and the system's are region free.
Or, they could do like the US store does with the Japanese imports, and have US imports for other regions, and ETC.
No reason to go off hoping something gets hacked, because in the end, it's going to get restrictions put on all of us.