Sony is making good on its E3 2012 promise with the release today of the first PSOne Classics for the PlayStation Vita, a feat made possible thanks to the device's newly launched v1.80 firmware update. There are just nine titles officially available in North America (via PS Blog), which compares poorly with the 100+ in Europe (via EU PS Blog) and the 200 in Japan (via Andriasang). You can commence your uproar now.
The nine titles available in North America are Arc the Lad, Cool Boarders 2, Final Fantasy VII, Hot Shots Golf 2, Jet Moto, Syphon Filter, Tomb Raider, Twisted Metal 2, and Wild Arms. It's not quite that simple though. A large number of other games are confirmed by the fan community to be compatible, including many of the titles that you were probably waiting for. Reddit is keeping a running list, along with instructions covering how to get that content onto your handheld.
The officially supported PSOne Classics are available as of today, August 28, 2012, though it seems like the PS Store hasn't updated for everyone yet. I see no PSOne titles listed on my own Vita, and I'm still unable to download FF7 (which I own) to my device via my account's download list.