PS Vita Wi-fi and tethering
Solution 1:
Using my phone as a wifi-hotspot had enabled me to access everything I've tried so far, which includes the store, friends, chat, trophies, and online scoreboards in-game.
I've yet to try a multiplayer game through it, but will test it later.
Using:
- Samsung Galaxy Nexus
- PS Vita Wifi
- Tesco Mobile contract sim (UK)
Solution 2:
While I haven't got a PSVita to test, I have used a multitude of WiFi devices (PSP, computers, iPads) with my Androids WiFi-tethering without any problem.
Since the phone will present itself as a regular WiFi hotspot, the only potential problem source is your provider (that may, or may not, block certain services).