I think a little fanfare may be in order. Fanjita, the ubiquitous homebrewer most recently known for being at the center of the firmware 2.0 hacks, has released an eLoader for PSPs with version 2.01 to 2.5 firmware. Perhaps as a comment to the fact that this remedy is more a workaround versus an actual crack of the PSP software, the loader only works courtesy of the GTA exploit, which means that you’ll have to pick up a copy (or rent it, like I do) of Grand Theft Auto: Liberty City Stories to get a hefty serving of homebrew on your updated PSP. Version 2.6 PSPs are not supported at this time, although you can be sure that Fanjita’s working on making that a reality. In the meantime, why don’t you help him out by visiting his site and clicking on a few of his links.
The eLoader isn’t guaranteed to work for all homebrew applications, but for now this is as good as it gets.