The launch of the PS Vita is getting close for Japan even though it won't hit the US until next year. Gamers that plan to purchase the Vita that have a big library of UMD games from their previous PSP will be able to sign up for the UMD Passport program. Before you get too excited, this isn't a way to port UMD games over to the PS Vita.
The UMD Passport requires the user to use the Registration UMD app that will be offered for free. This app allows the user to insert the UMS and link to a PSN Account to register the UMD account. After you register, the title there will be an offer made to buy a digital version of the game from the digital store at a reduced price.
This would be better if since you own the games already Sony just allowed you to get digital versions to keep playing on the new console. There is no word on what the reduced rate will be. What do you think, should it be free to port games you already own to the PS Vita from UMD?