The latest PSP firmware version is 3.03.
There’s this guy. His name is ‘Dark_Alex’. Today he released his own hacked version of 3.03. It’s called “Dark_Alex’s 3.03 OE-A“.
What’s it do? Well for starters it lets you run any homebrew application in 3.03. It also lets you convert and play your own PlayStation game discs into a format that’s playable in Sony’s own embedded PSOne emulator.
And oh yeah, any commercial UMD game that requires 3.03 will work with this firmware as well. There’s really no downside. You can pretty much kick DevHook to the curb now.