If you own a PS3, there is absolutely no need to mod your PSP. Why? Because Remote Play and the PS One games on the PS Store don't work. Also, you can't watch movies in HD...I have a bunch of my DVD's converted to MP4-AVC format in 720p for my PSP. I can now watch them on my PSP. It's fantastic.
I had my PSP modded with firmware 3.51 M33-7, the "latest and greatest" and OE firmwares. Let me tell you that it is overrated. Sure, playing Super Nintendo games on my PSP is cool, but streaming all of my movies, music, and photos from my Powerbook to my PS3 to my PSP from anywhere in the world is WAY COOLER in my opinion.
Modding is fine when you don't steal all the games. I hate people who steal games. I have an uncle who works for Sony Santa Monica (yes the same dudes that made God of War). These guys are slaves to the industry and do what they do because they love it. They work their asses off and on contrary to popular belief, they don't get paid that much money. So when people pirate games, honest people like my uncle, are not rewarded for their hard work.
I can bet that all of the new PSP slims will have firmware 3.51 on them. In fact, Sony might be making a new firmware right now, (perhaps 3.60?) just to bundle with the new PSP's. They are really serious about cracking down on homebrew. I decided to go back to Sony's firmware because if using homebrew prevents me from playing God of War: Chains of Olympus, i'm going to be really pissed off.
That said, if you really want to hack into your PSP, I suggest getting an older PSP. I assure you though, the novelty wears off after 6 months.
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