Even so, this latest update doesn't pack in the good times we were hoping for.
But if you want a permanent hack that doesn’t require the Fast Recovery app, then read on.
If you have a PSP-1000 or 2000, then go to Method 1 (and then check if you need to use Method 2). If you have a PSP Street then this you are out of luck for now, you have to stick with the temporary CFW and the Fast Recovery app.
Clicking the picture will take you to an excellent resource listing all the different motherboard revisions and what CFW they are compatible with.
In a nutshell, every single PSP ever made can run some form of the latest CFW, and all but the E1000 (Street) model support a permanent form of the CFW that persists even when the console is completely shut down or has its battery removed.
You are now safe to power down your PSP totally without needed to reinstate the CFW on reboot.
Once you’re up and running with the CFW you play ISO backups of your PSP games and converted backups of your old PS1 games (among many other things! PSP ISO files go into the ISO folder in the root of your memory card (if this folder doesn’t exist then create it yourself, just ensure that ISO is spelled in all-caps), PS1 games go into the PSP/GAME folder (you can put them into their own sub-folders within the GAME folder itself).
Regardless of which hardware revision you have, go ahead and copy the PROUPDATE into the PSPGAME directory on your memory card.
You’ll now see a Pro Update application in your PSP, run it and allow it to complete the installation.
The latest OFW from Sony is 6.61 (as of March 2016), but we will update only to 6.60 as (apparently) the CFW for 6.60 has better compatibility with homebrew applications and themes.
Download OFW 6.60 here and extract it onto the root of your memory card, choose to merge the folders if necessary and you should end up with an EBOOT. Run the 6.60 updater from your PSP and let it do its work.
Installing custom firmware (CFW) on your Sony PSP can unlock the power to use it as a capable handheld emulation platform, as well as opening it up to playing your PS1 backup files.