For the past couple days, there has been some buzz going around in the PSP homebrew scene that V2.01 - V2.50 has finally been been cracked to play homebrew apps and emulators. Well, today it was officially announced with the first release of Fanjitas eLoader. There are a few drawbacks though:

-You need a copy of GTA
-Only a couple programs/emulators work now

Still a huge step for PSP homebrew scene and great news for 2.01+ owners. And you can expect new homebrew apps for it to be released almost daily now. Think I'll still stick with my 1.50 though (at least until an .ISO loader is made for 2.00).

Oh yeah, here's the link:
http://pspupdates.qj.net/