PS Vita Update v1.80 will be bringing the much anticipated PSOne Classics feature on August 28, and while games are running, you can make various setting changes as well as take screenshots. But that's just the tip of the iceberg for this update.
The Cross-Controller feature enables the Vita to become a touchscreen-enabled controller for compatible games on PlayStation 3 (so is the Vita a PlayStation U?). I'm not sure what this means for Ultimate Marvel vs. Capcom 3... does that mean I can just tap the Vita screen to win?
On the user interface you can finally control the home screen and various applications with the buttons. The Music application will also now support playlists, transferrable from iTunes, M3U, and M3U8. Videos now have playback speed control and repeat play.