Some people's expectations seem to be a bit out of control when it comes to the Vita's functionality regarding UMD transfers, PS1 compatibility, and, apparently, PS2 compatibility.
Maybe it's because I grew up on consoles that didn't have backwards compatibility, and viewed consoles that did have the feature as a kickass bonus, but not the reason why I buy new hardware, I don't know.
I don't own any UMD's anymore (most of them kept breaking), so I don't mind that the Vita doesn't support UMD. I missed out on a lot of PSP games anyway, so I'll be catching up through the titles available on PSN, of which there are plenty I missed out on.
As for PS1 Classics? Only a handful of the ones available on PSN I feel are worth it to play on the go (or even on the PS3). Not a lot of them have weathered the test of time well in my opinion. Some of the old school 2D RPGs like Alundra, Chrono Cross/Trigger, Final Fantasy, etc, I think have done well, but stuff like Medal of Honor, as much as I loved that game (and still own the PS1 disc), I can't say I'm eager to play it on my new $300 handheld.
My primary motivation for picking up a Vita is because of the new hardware, and the new games available for that hardware. Don't get me wrong, I'm eager for the day I can play Castlevania: Symphony of the Night (not the one included with Castlevania: Dracula X Chronicles) on my PSVita, as it tickles me that I'll have played that game on every piece of Sony hardware released, and I certainly appreciate the option to play a nice selection of the many PSP titles I missed out on these past few months/years, they certainly aren't what pushed me to buy a Vita.
There's nothing wrong with wanting things like PSP/PS1/PS2 compatibility, but can't we be just a bit more reasonable here? It's not this magic device that is supposed to do everything. All I want from my Vita is that the functionality and features deliver an awesome gaming experience, and that's looking to be the case. Everything else; the extra apps, old library compatibility, is just a bonus.