One of the great things about the PSP as a gaming system is the large number of developers and hackers who flocked together to figure out ways to really trick out the system with their own homebrew applications.If you have a PSP running Version 1.0 or 1.5 of the firmware, don't update to Version 2.0 of the firmware.
If you have a PSP running 1.51 or 1.52 of the firmware, then you might as well go ahead and upgrade to 2.0. Why? Well, all the dutiful hackers have figured out ways of running their own code on PSPs running Versions 1.0 and 1.5 of the firmware. They haven't figured out how to get around the clamps Sony slapped on Versions 1.51, 1.52, or 2.0…at least, not as of this writing.
If you buy a game that requires you to update to 1.51, 1.52, or 2.0, try grabbing WAB Version Changer (http://www.psphacks.net/content/view/344), which will trick the game into thinking you are running a newer version of the firmware and do so without ruining your homebrew. Keep your eyes on the WAB team too, as they are working on a downgrader to help everyone who has already updated their PSPs.
So, if you're running Version 1.0 or 1.5 of the firmware, an entire world of programs and emulators are available to you. If you're running Version 2.0, then you can still run browser-based JavaScript homebrew, but no native code and no emulators. Again, I think this will prove to be a "yet" situation. There are people working right now on breaking the locks Sony has put in the way of all the homebrew. If you're daring, you can try downgrading your firmware.
Feel free to skip ahead to the section that covers your firmware. Not sure what you have? Have you already bought a PSP running Version 2.0, but want to sell it on eBay to buy one running Version 1.5 of the firmware? Read on to find out how to spot a 1.5 PSP among a stack of 2.0s.
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