(7/27/05) PSP Firmware v2.00 (JAP) is officially available for download. However, at this time we do NOT recommend upgrading to v2.00 as you will no longer be able to run PSP homebrew on your v1.00/1.50 units.

here is a summary of the PSP v2.00 firmware updates:

[Internet]
- Added an Internet browser (can be disabled)

[Video]
- Jump function for UMD VIDEO and MUSIC
- A-B repeat function for UMD Video, MUSIC and memory stick video
- Added 4:3 mode for memory stick video
- Added audio switch function for memory stick video
- Added MP4 (AVC) playback function for memory stick video

[Music]
- With SonicStage V3.2 (not announced yet), ATRAC3 plus music files can be put into a memory stick pro duo
- Added MP4 (AAC) and WAVE (Linear PCM) playback function

[Photo]
- Added wallpaper function
- Transmit/receive images function
- Added support for TIFF/GIF/PNG/BMP files

[Setting]
- Added Korean language
- Added [Character set] function
- Added [Theme setting] function
- Added [Diable internet browser] function
- Added WPA-PSK (TKIP) support
- Added keyboard input mode for Web input
Basically download PSP Firmware v2.00 or wait until September 15 for the updated PSP to come in stores with Firmware v2.00 on it already. Oh yea thats also the date when they release the white PSP. But the catch is if you do download the update, you will not be able to run homebrewed applications any longer.