The problem is that your Vitas are probably at FW 1.80 or above. During the time of that update, Sony changed the rules for the filenames, which is 8.3+upper case.
This means, if you want a glimpse of the exploit you have to rename "h.bin" to "H.BIN", this will at least exploit your game and show you two lines of output.
I didn't took a deeper look into this, but my guess is, that Coldbird did something smart here ... he exploits the Vita in two stages with "h.bin".
The first stage is to exploit the game in order to gain userspace access, the second stage would be to execute the kernel exploit, which is encrypted with the Vitas Mac Adress, FW version, serial number, PSN ID and maybe even the license of the game.
The files are handcrafted for each tester and as long as you don't the above information from the testers Vita, you won't see this kernel exploit happen on yours
Now that is good and bad news ... bad news is, (for now) we won't see this, good news is Sony can't fix it, cause they don't know the needed information either.
I don't know if the code that The Z posted on pastebin IS actually the exploit, or the way they are doing the encryption thing, cause I can only see reference to the Mac adress there.