After innitially buying my psp last january i wasnt very happy, not many decent games out and i wasnt able to use homebrew due to having a 2.60 fireware machine.
however all that changed a few months ago when a downgrader was released so i could change the fireware to an earlier 1.50... this let me use all of the homebrew currently available. now i am able to play mega drive, snes, master system, nes, gba, amiga, atari st and a whole load of other emulators all at full speed. also being able to play cps2 (1944, mars matrix, super street fighter 2 etc) and neo geo arcade games at full speed!
theres also loads of apps to use and gps coming soon.
the official games catalogue is getting better and better too. just recently been playing Tekken dark resurection, Street fighter alpha 3 max, Killzone liberation, lego star wars 2, championship manager and just released... Powerstone collection which is fkin brilliant!

such a good console, everyone should have one for homebrew alone!