PS1 Games on The Vita?

The more I read up on people's critiques and criticisms of the PlayStation Vita, the more I see the same single request - support for PS1 games on the handheld. It seems strange to me that Sony didn't include this feature at launch, and still hasn't given Vita owners the ability to play PS1 classics. After all, PS1 games play on the PSP and the Vita is supposed to be a more powerful console, right? The only reasoning I can see behind Sony's actions is that their are some sort of licensing issues between Sony and the games' developers.

A shot of the PS1 emulator in action on the PS Vita.

Apparently, because Sony has yet to act, an unknown dev has reported that he has been able to access the PS1 emulator within the Vita's PSP emulator and boot, at least some, original PlayStation roms. It has been reported that the unknown developer is planning on releasing a hack after working out some audio issues.

The news of this has excited a lot of the PS Vita scene. I, personally, have mixed feelings on the topic. In my opinion, it is healthy for their to be homebrew development for a console but, like always, homebrew leads to piracy. I would hate to see the Vita fall due to piracy, much like some say happened with the PSP. The Vita is an amazing handheld and still has a lot of potential, the best case scenario would be for Sony to release a stable and legitimate method of running original PlayStation games.

There is also a video from the unknown developer of him demonstrating a PS1 game running on the Vita.