Looks like 3rd party development for the Vita will start a lot earlier than expected as Teck4 and Wololo have found and confirmed a working game save exploit for the recently released console.

What does the save game exploit mean for the Vita and future owners? It means that we’ll soon be getting (as per Wololo’s announcement) HBL (Homebrew Loader) on the Vita. As Wololo explains it, the exploit is technically not found in the Vita and it’s games but rather through the PSP emulator of the Vita which then allows the execution of the exploit to allow user created and signed applications.

A video of the working Hello World app to prove that the exploited works can be seen below:

Of course, this does not mean that the Vita has been officially hacked. It’s the very same case with the 3DS where compatible, DS carts run through the console’s DS-mode. Wololo warns that once HBL has been released and the exploit has been made public, it will be easy for Sony to patch the exploit out with a firmware update or at least by simply releasing an update for the game via the PS Store. From there on in begins the long game of cat and mouse between the scene and Sony. For now, the exploit remains a secret up until the Wololo and the rest of the devs complete their work.

source Wololo.net