hacking the PSP
Just a quick note: as of today you can run unsigned code on Playstation Portables with the 1.5 firmware. That means emulators and homebrew games can be run from your memory stick -- in the past only the Japanese version of the PSP could do this, and people were going to great lengths to import them. I'm not a PSP expert, so I don't know if all US PSPs have the 1.5 firmware, but at least some do.
This also opens the door to homebrew media players, freeing folks from Sony's proprietary format requirements, and perhaps dooming the manufacturer's ridiculous plan to sell movies in the UMD format. Yes, I know -- there have been articles crowing about what a great success the UMD already is. Nearly 10% of PSP owners have one! Ignore, for a moment, that Sony heavily pushed a bundled offer including a Spiderman 2 UMD with PSP purchase. Well, now enterprising geeks can rip their own DVDs, or download files off the internet. There's no need to buy a tiny, $10 movie disc that will only play in your fancy gameboy.
But take heart, Sony: I predict your 1GB memory stick sales are about to skyrocket.

Comments
I recently bought a PSP, specifically to watch movies/Tivo'ed shows at the gym and on the train. I have 1.50, so I'm stoked to get motherfuckin' MAME on this! Also a web browser that doesn't require the DNS hack on Wipeout Pure.
However: The thing will play MP3 and unecrypted AAC (hardly Sony proprietary formats). It plays MPEG4 video, but it must be encoded at a certain size and bitrate. There are numerous free programs to do this.
Some games, though, are checking to make sure you have the latest firmware, so Sony is definitly fighting this. They will ultimately lose, though.
And, there's talk of a) Blockbuster renting UMD movies and b) DVDs being sold that include the UMD of the movie.
The PSP could be the ultimate portable media device.
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