Full 2.50 PSP Emulation on 1.5
Even though the solution for 2.5+ users will almost certainly be the upcoming modchip for the PSP, for 1.50 owners the solution has already arrived.
The latest version of Devhook allows you to run 2.50 firmware on your PSP without actually updating it. Even though there a few things that it can’t do yet, those are mostly exceptions. So now you can use and run all the latest PSP games that require 2.50 firmware without updating your PSP, and you can also enjoy everything that the homebrew world has to offer. You can also use the browser and all it’s functions with no exception.
If, somehow, in the future, Sony could reach this sort of agreement with it’s homebrew community, and only limited UMD loading, the PSP could probably dethrone the Nintendo DS. But as it currently stands, I find that very unlikely to happen.