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Update #5: It has been confirmed by the creators themselves... An early release has blessed us all! Those interested can grab it from HERE! This has been confirmed to work perfectly by early testers so enjoy your surprise! For those wondering, the release filesize is 3.29MB (3,455,734 bytes), and the exact file name is swaploit_1.5_psp-dev.rar. Below is a brief guide on how to use it:
To clarify, what you need to do is first of all have two memory sticks. Memory stick 1 is your "dumby" stick and Memory stick 2 is where you'll end up having your homebrew/emu's/roms

Memory stick 1 can be any size stick (preferrably the 32 MB crap stick you got with your PSP) and Mem stick 2 will be the larger one (as you'll be storing your stuff on it).

Ok, so first I put in my 32MB mem stick and then I ran the program that came with the tutorial (the MSwap Tool). It installs in Spanish and you'll be asked to restart your computer. Restart (the option that says "Ahora" in it) and then run the program. Go up to "Idioma" after the program is going to change the language to English.

Now, any program you want to "convert" you select the Eboot file under "PBP File". Just browse and select the Eboot file. Next you choose where you want your output directory to be. The output directory will be where the converted eboot FILES will go.

You hit "Generate Files" and bam, son, you can now go grab those files from the output directory. Once you find your output directory (the pop up message will tell you in case you forget, after you hit "generate files"), you will notice there are two folders - MS1 and MS2 for Memory Stick 1 and Memory Stick 2 respectively (duh).

There will be an eboot file in each folder. Insert Mem stick 1 into your PSP, hook it up via USB cable or whatever, and copy the eboot file over to the directory:

PSP\GAME\TEST\Copy-your-eboot-here

After you've done that, you can take out Mem Stick 1 from your PSP and insert Mem Stick 2. Now, copy the eboot file from MS2 (in the output folder) and put it in the EXACT SAME DIRECTORY (PSP\GAME\TEST\Copy-your-eboot-here again) Once you've done that, you're ready to test your reflexes.

Insert Mem stick 1 into your PSP again. Go over to Game and scroll down to "Memory Stick". You'll see the icon for the program (Launcher 1.5).

What you have to do now is to start up the program, quickly take out memory stick 1 from your PSP and insert memory stick 2. You have to do this pretty fast (at least I had to with the damn calculator, lol. The first time I didn't do it fast enough) When you hit the button to start the app, don't even bother waiting for that PSP logo screen to go all the way through - you should immediately begin the swapping process.

I recommend keeping the memory stick door open and being ready to pop that mem stick 1 out and slap in mem stick 2 with haste! I hope this helps some for those who were a little confused by the PDF. I was at first till I read it through a few times and just gave it a go.
Update #4: PaWsTick from the PsP-Dev Team has shared [Register or Login to view links] final video prior to the upcoming release! It clearly shows an SNES Emulator running on a v1.50 PSP unit, and is filmed zoomed out with normal lighting to convince even the most hardened skeptics. The entire homebrew PSP community has PaWsTick, CybBlade, and Killer-x to THANK for these remarkable advancements... even the v1.00 homebrew master NEM (nemnem) has showed his support in iRC [Register or Login to view links] the past few days awaiting the new release! Finally, we have received a LOT of e-mail from many other prestigious PSP sites willing to mirror the release as soon as it is available. This is GREAT news indeed, we look forward to ALL of your support, and please join us on [Register or Login to view links] so that as soon as it's available tomorrow morning the WORLD will change with your help, and another landmark in PSP history will truly be made!

Update #3: PaWsTick from the PsP-Dev Team has now shared a picture (below) of their updated v1.50 PSP homebrew launcher. For those curious, the reason it was not shown in the previous video release was simply because the video was shot using an early version. Since then, the PsP-Dev Team has worked hard to perfect it before their exciting official release on 6/15/2005 (15:00 GMT+2) which equates to 09:00 AM Wednesday EST for those wondering!


Update #2: PaWsTick from the PsP-Dev Team has now confirmed that their exploit does NOT run on v1.51 firmware either, so $ony did a nice quick job of fixing their 1.50 holes it appears. On the bright side, many in the USA already have a v1.50 PSP... and those who don't can still run out and grab one without the fear of it being a later firmware version for the time being.

Update: PaWsTick from the PsP-Dev Team has now confirmed that their exploit does NOT run on v1.52 firmware. They haven't tested it on v1.51 yet, but rest assured we'll mirror a news update here with the results when they do. I'm glad I didn't update my firmware though beyond v1.50 just in case.

CybBlade of our Forums (and iRC EFnet #PS2Ownz) confirmed tonight that PsP-Dev now have a working v1.50 exploit for running "homebrew" or unsigned code from it, similar to what NEM did for v1.00 firmware PSP users. A brief video of this in action can be found on their Web site for those interested, and on 6/15/2005 (15:00 GMT+2) they plan to publically disclose the method used in Tutorial format to the world! We at Team PS3News congratulate our Spanish affiliates, and look forward to LOTS of nice "homebrew" releases to follow along with even more UMD dumps! Please post all related feedback on this VERY COOL news in THIS on-going Forum thread. Finally, we'd like to make it known that the legitimacy of this news has already been 100% confirmed by myself via high-ranking scene elders... so no, this is NOT another "fake video" nor publicity stunt- it's REAL!