System update 1.80 is available today for PS Vita and this is the update that will allow PS Vita players to play PSone classics on their handhelds.
According to the Playstation Blog more than a hundred games will be available for purchase starting tomorrow including such classics as Wipeout, Final Fantasy V through IX, Resident Evil 1-3, Tomb Raider, Tekken, Silent Hill, Vagrant Story, and Metal Gear Solid.