A member of the PSPHacks.net forums has delivered the hack PSP owners have been waiting for since Sony introduced the homebrew-blocking version 2.0 of the console's firmware - a way to downgrade to version 1.50.1.50 was cracked back in June and most of the homebrew apps available now work on that version.
PSPUpdates.com have reported that the hack is genuine and allows both homebrew apps and UMD games to work, though they also give the usual warning that it is installed at your own risk:
This takes advantage of the toc2rta exploit and allows for the full downgrade of firmware 2.0 to firmware 1.50. I have tried this myself and have successfully downgraded from firmware 2.0 to firmware 1.50. Homebrew and UMD games WILL both work after the downgrade.
Although this has been tried and found working, this does not mean there is no risk involved so use at your own risk.
PSPHacks.net: MPH Releases 2.0 -> 1.5 Downgrader!
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