In the video you can see a white PS Vita 1000 running the VHBL on the (currently) most recent PS Vita system software, firmware 3.18. The PS Vita is able to properly start homebrews, it is able to properly start various emulators, it is able to properly exit those homebrews and emulators, so it can return to the wMenu (the VHBLs default menu), so that you can start a different homebrew without restarting the exploit game and redoing the whole exploit process, like it used to be the case with some games (e.g. Arcade Darts, Apache Overkill and so on).
What really surprised me was the fact, that you can not only run PSPFiler 6.6 without any major problems, but you can also return to the wMenu after using the PSPFiler 6.6 homebrew, something that was not possible in any kind of PS Vita HBL we have released in the last 12 months.