Sucks for Sony if they can somehow use that to gain access to the overall machine. Hopefully sony took this method into account and made sure no access can be gained from that method.

I won't chalk this up as good news...it's rather bitter sweet...thank goodness it wasn't fully hacked...but you never know, this one step could just be a step close to the PSV being fully hacked.

Is the 3DS hacked yet? When is it likely that PS Vita will be hacked? How do they store the pirated games?

As long as these cockroaches don't hack and pirate the Vita a few extra pirated psp games are little worry.

Will the PSV be hacked? Probably. Will the hack allow piracy? Who knows. There are a heck of a lot of people who'll want a hacked one simply because it is extremely capable hardware for a very low price. A PSV with Android would be mighty tempting for a lot of people. I would have to say the interest in the PSV for most hackers begins and ends with putting either WebOS or Android or even iOS on the thing.

Then Sony will remove the psp emulator to prevent Vita hacks and people will sue them. :)

If they did that right away, I think Japanese users might be annoyed. 

same case with 3DS ''DS mode'' hacked, but I hope it stops here for both consoles.....

Supposedly 3DS flashcards are up and running, but that's the extent of it as far as we know

So the PSP part of the Vita is hacked?