Well that's dumb.
Transferring PSP UMD Games to Vita Carries a Fee
Not all games will be available, either.
The PlayStation Vita, when released, will sell its games on small memory card style sticks in retail. You will also be able to download them all online. Gamers will be able to play original PSP games on the handheld but with no UMD slot; an application will be required.
This free app will register your UMD game onto your PSN account and (provided it's available) allow you to RE-PURCHASE it at a discount from the store. Only a few games are available so far but that list is expected to grow to 200, if not more. Your saved games from the PSP will be supported as well and additional functionality, like right analog stick tweaking color settings and camera support, will also be available.
Prices are for Japan only so far, as the handheld is set to launch there first, but some are as low as 500 yen (which is around $6.50) and some go as high as 2,400 yen (around $31). Some titles that will be available (for Japan at least) are Patapon 3, Persona 3 Portable, and Guilty Gear Judgment.
No plans to bring this program over to western shores have been announced but if it is going to be released, it'll be soon. PlayStation Vita is set to be released on February 22, 2012 in North America and Europe.
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