http://uk.vita.ign.com/articles/122/1223848p1.html

With a PSOne legacy title leaking onto Sony's European Vita store, there's increasing reason to believe we'll see an update enabling emulation soon. A Reddit user stumbled onto a downloadable version of Buzz Lightyear of Star Command for 3.99 pounds, or about $5.00. 

An interesting first choice.

Buzz Lightyear downloaded properly before an error prevented the user from playing it. However, they found themselves able to access the emulation menus (similar to those when running PSP titles) from within the launched application. 

With any luck, this game released ahead of a firmware update supporting such emulation of the original PlayStation library. 

IGN is currently waiting for comment from Sony. 

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This is the news that I've been waiting for. My favourite console is the Playstation 1, my top three games of all time are on the Playstation 1 (all of which I have the PSN versions of) and I have spent roughly £80 on 12 different PS1 classics. It's good to know that I will be able to play them all on my Playstation Vita when I buy one.

What are your thoughts on this news? Are you excited for PS1 backwards compatibility?

Makes sense.

I think all of these companies should make emulation of past systems standard fare, especially with the rise of VC content.

I know I'd be thrilled if my Nintendo consoles allowed the play of all of the downloaded content i've purchased on Wii already. Regardless of the console, the downloaded content should work so long as the hardware supports the controls.

It's funny how it's in the Vita store but only states that it's compatible with PS3 and PSP, lol.

Finally.