Good price but the 4GB card is pretty much worthless and will have to be replaced really fast.
The Vita does not play PS2 games from the Store, only the PS3 does. There's a bunch of ports of PS2-era games on the Vita, but most of them are half-assed garbage. Well except Persona 4 Golden of course.
As for PS1 games, most of them work, baring a handful of them (the Crash Bandicoot and Spyro games, notably). Some of them need to be sideloaded from a PS3 though.
But of course if you buy a Vita, you should also look at its native games too (yes, despite Sony's best efforts to sabotage it, it has a bunch of really good games!)