Does anyone know if their is going to be a vita hack and also how does the cef work on vita. Can i play any psp game on there and do the games use both joysticks or old controls

the only vita "hack" is for the psp emulator inside the vita...there are usermode exploits and kernel exploits available for it...you cannot downgrade a vita's firmware yet, so you would need to buy a vita with 2.02 OFW if you want the kernel exploit, which enables you to install Custom Emulator Firmware(CEF)...CEF is basically 6.60 ME as it uses the m33 code as a base, and gives you almost everything that comes with the PSP CFW...usermode exploits can only run VHBL which only allows you to run certain emulators and homebrews with very limited compatability...each exploit is found through a certain psp game, which you must buy from the PSN before sony removes it, either with your vita or a ps3...you are able to assign the right joystick to act as the action buttons, and assign different actions for the four corners of the touch screen...this makes some psp games alot more enjoyable and easier to navigate, like Resistance Retribution...let me know if you need help getting CEF installed, as it is a somewhat difficult process now...there will be a VHBL exploit released very soon for the latest FW which is at 2.12...other FW's that have exploits are 1.67, 1.81, 2.02, 2.05, and 2.11

what is a vhbl exploit

vhbl isnt the exploit, its the tool used to run homebrews and emulators...vhbl can be loaded from a usermode exploit which does not have the same permissions as a kernel exploit (which basically gives full access/permission to the whole system and run whatever you want like iso loaders and plugins)...vhbl is considered "harmless" in the eyes of most hackers as it does not support piracy in the magnitude of full CFW...sure roms may be illegal, but is Nintendo really going to prosecute you for not paying for that copy of Tetris?...i think not...hope this clarifies things a bit.