PlayStation Vita is backwards compatible with downloadable PSP games. So, you can play Akiba’s Trip and Monster Hunter Freedom Unite on it. Final Fantasy VII from the PsOne Classics section… eh maybe not.
Sony Computer Entertainment Japan posted a PlayStation Vita FAQ and there is a big asterisk next to the part where it says the handheld is compatible with PSP software downloaded from the PlayStation Store.
It says support for Game Archives (aka PsOne Classics and TurboGrafx-16 games in Japan) are the exception. In other words, PlayStation Vita won’t be able to run Metal Gear Solid or Chrono Cross. Sony says they will release more information about this soon.
Originally Posted by shidoshi
That Japanese page is simply saying that game archive support beyond PSP titles will be announced later. That could mean that maybe they want to wait for an addition to the announcement (PS2 titles?), or because - as I seem to recall - it was said that there may be some PSOne titles that won't end up working on the PS Vita. So maybe they want to put together a list of which titles won't be playable.
Totally, totally a non-issue here, and not any reason to get worried. I'm not really sure Siliconera should have published that story, because I'm not sure the person doing it understood the Japanese.