Well, 2.0 can do most of the homebrew that people use. (Mainly some simple applications and emulators) and the only thing you can't really do is UMD emulation which if you really wanted to, you could just downgrade to 1.5.
I had to use frameskip on some snes games to have them play smoothly on my psp, so I think that ps1 is definitely out of the question. Though I think a lot depends on how good the emulator is, but still...
Are gba games playable? I wanted to start using a gba emulator.
Im in the process of buying a psp for the wifey, and been hearing this emulator thing for the psp where can i donwload them and do some reading? and it would be really nice if they can emulate dreamcast games, been wanting to play my tokyo street while in the mall with the wifey. hehehe
Ok, well I am gonna get one from a freind because he dosent ever use it anymore (he dosen't really know it's true capabilities) for $165 and that comes with the whole normal psp stuff, a great case, and 2movies with 1 game. I am gonna sell the movies and games then get the games I do want. It has 2.6 firmware, but that's cool because I'll just use the gta hack.
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