http://wololo.net This is Half Byte Loader running the Picodrive emulator on the Playstation Vita, as a follow up to the Hello World that was announced a few days ago.
Usually I would show the entire loading process, but given the secret nature of the exploit and some of the loading process for now, I'm just showing some gameplay.
Please don't get your hopes too high. As you can read on my blog, Sony put into place some security that will basically make this exploit moot as soon as it is made available, so this is just useful for research right now, and just a "ray of hope"...
People who have used HBL in the past will recognize the distorted sound from Sonic, this is due to incorrectly estimated syscalls (the PSP emulator on the Vita is based on PSP Firmware 6.60, which has some enforced securities with syscalls). We might, or might not, fix this before the release.