The PSvita TV is a huge disappointment with being region locked to just Japan psn accounts and the list of compatible games makes for a poor PSvita gaming experience. Now if you would like to run homebrew and other emulators, which is possible with either VHBL or TN-V4.
Now Mathieulh, of ps3 and psp hacking scene (remember pandora batteries), he happens to the other beta tester of TotalNoob’s upcoming TN-v4, and a owner of two Japan-only PSvita TVs. He was successful in get TN-V4 working on one of this Psvita TV’s. In my opinion if you wanted to get one, now is the time especially if you would like to run your old PSP umd’s on the big screen or if you would just like to have a homebrew console to play all your favorite retro games then the psvita TV is for you. Here is a quick video by Mathieulh of the PSvita TV in action with TN-V4.