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Here's a great guide from PSP Maniac. I usually encode at 400kbps video (AVC) and the movies come out around 300-400MB.
Many of the questions on here have been dealing with not having a folder on the removable drive of the PSP. So, here's what you do.
FORMAT YOUR MEMORY STICK.
Before formatting your memory stick, you'll want to move everything out of the removable drive and place it on your Desktop because formatting your memory stick erases EVERYTHING from the removable drive.
To format your memory stick: On your PSP, go to System Settings-Format Memory Stick. After you have formatted your memory stick, the folders you need for the PSP have been made. If the video folder (MP_ROOT) hasn't been made then that's due to you not having Firmware 2.0 or above because with 2.0 or above, the folder is created automatically.
If you don't have the video folder: Go to the removable drive of the PSP on your computer and create a folder (Right-click mouse and go to File-New-Folder). The folder goes right next to the PSP folder. Name the folder: MP_ROOT (the name being all in caps) and in the MP_ROOT folder, create a folder and name it 100MNV01. The 100MNV01 folder is where you store your .MP4 videos. To be able to use the new codec: AVC, you will need at least Firmware 2.0 and the folder should be created for you after you format your memory stick once you have Firmware 2.0 and above. If the AVC folder isn't created, create a folder in the MP_ROOT folder, named:100ANV01.
MP_ROOT-100MNV01 (.MP4)
MP_ROOT-100ANV01 (AVC)
The .MP4 video is to be named: M4Vxxxxx.MP4 where xxxxx is number (example M4V00001.MP4).
The AVC video is to be named: MAQxxxxx.MP4 where xxxxx is number (example MAQ00001.MP4).
New for 3.0+:
There is now a VIDEO folder on the root of the memory stick. This can now handle SP and AVC mp4 videos. There is also a MUSIC folder at the root.
Program to use to convert your videos to .MP4 or AVC:
PSP Video 9 http://pspvideo9.com/
3GP Converter http://www.nurs.or.jp/%7Ecalcium/3gpp/ (Yes, the website isn't in English.) Current version: 0.34
DVDs to PSP tutorial (using PSP Video 9): http://seamonkey420.tech-recipes.com/psp/dvd_to_psp.html
and http://www.mobiledeviant.com/forum/showthread.php?t=901
DVDs to PSP tutorial (using 3GP Converter) http://www.pspcrazy.com/?page=Articles&action=showarticle&id=95
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