There’s not a whole lot of information out there about it, but “Undiluted Platinum” is a PSP modchip!
It won’t let you play backups by itself, but it will let you switch between firmware versions of your choice.
This is super awesome news and means that you’ll be able to play groundbreaking games like Loco Roco which require firmware 2.7, then switch back to the homebrew-enabled 1.5 to play Super Nintendo games and other neat things like PSPRadio.
I just hope this isn’t another one of those things that sounds awesome and then never sees the light of day. I’m looking at you, ICE!