Just enter your access code and you are brought to the home screen, which looks like this on mine:

Vita Home Screen

Here are some details on each application on the home screen.

  • Welcome Park: This is a very thorough training application that teaches you how to use the features of the Vita by playing games that accent a feature or two,  For example, there is an activity that teaches you how to use the onboard camera by challenging you to find and photograph objects that look like faces.  It evaluates the pictures that you take and gives you feedback on whether the photo is of something that resembles a face.  There is another one that lets you get the hang of using tilt controls as well.  Overall, this is a really well-executed training program to help new users acclimate to the controls and features that the Vita includes.
  • Party:  This is a group chat feature for chatting with multiple PlayStation Network members simultaneously.  Chat and audio only, no video, and only for people on the PlayStation Network, but it is a useful feature.  You can also play games while in a party.
  • PS Store: This is the commercial solution for the PlayStation Network and is integrated with the Vita.  You can purchase games, movies, and TV episodes, and can also download demo games and trailers for games and movies for free.  It is well organized and easy to browse on the Vita.  Here is what the games section looks like:

PS Store Games

And the movies:

PS Store Movies

And the apps:

PS Store Apps