SonyXTeam announced today that they have successfully finished a firmware downgrader for the PSP. You can find out more details on their site.

I have been very eager to play with some homebrew applications since I bought my PSP. In fact, homebrew development was one main reason why I bought my PSP. The idea of turning it to a brick (aka “brick it”) is extremely unappealing. I need to investigate my warrenty with EBGames (replacement warrenty); if it has a limitation on how many times I am allowed to exchange PSPs, then I will replace my current one now (to get rid of the lazy pixels) and downgrade the PSP to 1.5.

I have been dying to get into the homebrew scene and hopefully this is my chance to do so finally.