From Sony's [Register or Login to view links]: Optional update for PS Vita coming soon; v2.12 will improve system software stability during use of some features.
From Wololo on the new update: PS Vita firmware 2.12 is out, does not block known VHBL exploits
Earlier today, official firmware 2.12 for the PS Vita was released. According to Sony, this update “improves software stability during use of some features” which could mean anything from “we actually fixed some customer-impacting bugs” to “we patched an exploit”, but as far as I could tell, current known (but undisclosed) exploits have not been patched by this update.
Scene member The Z was quick to test his port of VHBL (homebrew loader for the Vita running through the PSP emulator) and confirmed it still works on firmware 2.12. On the video below, you can see him running Wagic (card game), gpsp (GBA emulatr), snes9x (SNES emulator), PSP Filer (file manager) through VHBL.
The Z has found out recently that the game he used to port VHBL was sadly only available on EU stores and Australia. Because of this, he decided to postpone the release of his port to a future firmware, as it will only be useful to people who have an EU account. Thegame he is using to run this exploit therefore stays undisclosed, for now.
As a reminder, finding usermode exploits and porting VHBL is not extremely difficult.