I'm with Arwin, there's no way the SoC doesn't have a dedicated H.264 decoder right from its earliest sketches. It wouldn't make sense to push those Cortex A9 to spend big chunks of battery whenever a cut-scene is shown.
If the Vita was to suffer something in the hardware, I guess it'd be in the WiFi module. Dual stream WiFi would be ideal, but I'm pretty sure the Vita doesn't have it.
Maybe they just put a higher voltage/current antenna?
I can't see how Gaikai streaming would be possible via a server in a remote location, but using even a single stream WiFi connection to send input and receive video would be too much. I mean, don't expect to be playing at tournament level fighting or FPS via remote play, but for your average game, it should do just fine.