Yifan Lu has purportedly found an exploit that allows retail systems to run native, homebrewed Vita code. Lu is seeking other developers to help with the project, though neither an expected release date nor information regarding how the exploit functions have been made public.
What we do know, however, is that Lu's exploit is being developed for the sole benefit of the homebrewing community, as opposed to purposes more suited to blacker hats. "No tool I will make will benefit piracy," Lu told PlayStation Lifestyle. "This tool, in fact, cannot be used for loading backups/pirated content even if I want to because of the physical limitations of the exploit."
Specifically, the exploit is "userland" and is incapable of decrypting or running retail games, Lu says. Though Lu is aware that releasing his exploit could lead to deeper analysis of the system and subsequently a more nefarious full-kernel hack, he would feel guilty if he "found something that could benefit the community (running homebrews and letting developers who can't pay the license to develop/test games)" and kept it under wraps.