Sony PS Vita Hacked, Fresh ROMs in the Oven
The project is based on a PS Vita exploit Lu discovered, one in which he's not sharing with the public because then Sony would just plug the hole. It's also worth mentioning that the source code is still very much a work in progress, so there's nothing to share with PS Vita owners just yet.

That's not going to give Sony warm fuzzies. If you recall, Sony doesn't take kindle to people hacking its consoles, and it wasn't all that long ago that the company aggressively pursued legal action against famed modder George Hotz for hacking the PlayStation 3. Lu could be next on the list.
Sony isn't the only one concerned with piracy. An indie developer working on his first project took to Twitter to voice his concerns to Lu, saying "it's too early in [the PS Vita's] lifecycle to be allowing piracy."
"I hate piracy as much as any developer. If it wasn't made clear, it is physically impossible to run 'backups' with my exploit," Lu tweeted in response.