I think this video is way more appropriate:

To clarify people: This is code running in the PSP mode, meaning it will only have the power and the usefullness of such. This means we can't access any software or games from Vita.

This is exactly the same situation as with the 3DS, where DS games and homebrew could be played via Flashcard.

Sony. Providing the best hardware with the worst security since 1994.

In their defence, the ps3 lasted a while

Yeah, because nobody bothered to hack it, because hackers could already install Linux. When Sony removed Linux, it only took them a few weeks. Additionally, Sony made a HUGE mistake in their security, making a security check which was supposed to be randomly generated, always the same number. 

This is the part I'm not convinced about. The 3DS and PSV now have means to emulate  previous consoles but I bet there most will still be trying to get at the whole system.

and here...we...go!

That's the point I always make but people always counter with nuh-uh, all we want to do is just run emulators and play ye olde games from yesteryear...

Everyone knows the minute they can people will pirate the crap out of PSVita games or 3ds games. They didn't hach the ps3 because of linux they just coulnd't break into it for many years and use it as an excuse. If it takes them 1 month to hack it they laugh at the secruity if it takes them 5 years they say they didn't try lol.

"BUt I want to be able to play any and every game ever made on the go any time I want!
I find myself sitting on the bus thinking Oh, I wish I could play the NES version of Mario World x_x right now oh woe is me!!!
But now, with my hacked Vita I can play those games, at no time am I thinking about hacking the vita to play vita games because I pay for those...yup...totally!"

You can only Emulators which the PSP could already do, because the CPU is limited to 333 MHz. Surely you would like have the full power of the Vita? What's the point of buying a Vita if you can only have the power of a PSP? What if you want to run N64 on Vita (PSP mode is too weak for that). Hell, what if you want to run GBA emu on 3DS? In DS mode, it's too weak for that.

The PS3 hackscene had the means to hack the PS3 for years. I've been in there for years, too, and I followed every developments they did. The PS3 Security was flawed from the very beginning, the possibility to run Linux was the only thing that kept them from going further. That the PS3 hack came a few weeks after the update (3.21 it was, I think) was no coincidence.