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So the guys at http://www.ps2nfo.com/ are posting some info about a way to run their own code on a 1.50 and 1.51 PSP. The people that have the code that makes it work are software pirates. I do not promote piracy, and I agree that it hurts the video game industry (look at Dreamcast).
However, if anyone was going to figure it out, it would be the software pirates, because they have the most desire to be the first. If these files surface, I will be sure to post about them right here. But as of yet, my 1.5 PSP is still useless to me for homebrew.
Also, there is a thread on ps2dev from a newbie claiming he modified the snes emulator to run on a 1.5. However once in the emulator it would not let him load games. Probably BS, but check it out if you want:
The list grows by the hour. t seems like now there is am emulator to test, programmers are lining up to get a psp dev kit and start compiling software. Unfortounately all of these programs still only work on a 1.0 PSP. So far all attempts to run code on a 1.5 PSP have gone unsuccessful.
Someone has used the previously mentioned tools to extract a 1.0 firmware form their PSP. I'm not sure how useful it is. While it's good to have the files for exploration, most of them are encrypted and useless.
Besides that, there is no known way to package these files into a valid 'firmware updater' program to downgrade a PSP.
Some people are experimenting with the 1.50 and 1.51 to see if a downgrade process is even possible. What really sucks is that now that Sony will be putting firmware on the UMD disks, and requiring an update to play the game, it really hurts when a new game comes out and you have to lose all of your hacks and homebrew software to play it. At least until someone cracks the new version of firmware.
I see a long battle ahead. Best of luck to the programmers! Ps2Dev.org seems to be making the best progress out of all of the sites I've visited.
This software accesses to system memory and firmware, which may cause SEVERE DAMAGE TO YOUR EQUIPMENT. There are some possibilities of PERMANENT DESTRUCTION OF THE PSP. NO WARRANTY. USE AT YOUR OWN RISK!
-------------- UPDATE!!!! Welcome Google Surfers. If you came here looking for instructions on how to downgrade psp 2.0 to 1.5 you've come to the right place. Full instructions can be found at: psp hacks or here or here
Nem, the creator of the first PSP homebrew app, "Hello World" has reported some major findings on psp-dev. He claims to have been able to extract the 1.0 firmware on his PSP.
It's quite possible now that the dump of the original firmware is in the capable hands of a few really good programmers that we might see some tricks posted on how to update/downgrade firmware on our 1.5's without cracking open the case.
While he does provide instructions on how he did it, I would not recommend trying it. If your patient, and wait another week, I have a feeling there might be a much easier way in the works.