Tomorrow will be the Update that allows Playstation 1 titles to be compatible with the new handheld. However; it seems that some of the announced games may not make it, at it's launch as suggested. That is still unknown.
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It is better to have now, than never like PS3 backwards compatibity with PS2 games, which it does not, yet it is compatible with Playstation 3 and 1 games (and not 2).
Wait, the PS3 ISN'T backwards compatible? That's just wrong. =/ At the very least, didn't the non-slim models play PS2 games?
They didn't make the vita backwards compatible on the getgo as a marketing tool in order to put a sense of urgency towards purchasing it. They are still doing the same thing with it by marketing all over the place that there will be no more new releases for the PSP, only on the new Vita. Quite the same as Nintendo is doing by releasing the 3DS XL. The 3DS has been out for awhile, but now with the launch of a larger type of system for it, they are also announcing sometime this month that no more DS games after the release of Pokemon black and white 2 will be made, only new releases on the 3DS will be made afterwords. It's all just marketing tools as to outdo the competition, I.e the playstation move, 360 kinect, so on and so forth.