How do you sum up something like this little bit of news? By putting it as plainly as possible. Dark_Alex is working on 3.02 OE-B, the successor to OE-A, and by all accounts, 3.02 OE-B will be able to play PlayStation 1 games. Not just any old games though, but pretty much any PS1 game you already have.

Yes, dear readers. This would mean that you can bypass the three basic annoyances many of us would have with the PlayStation Store once OE-B is complete: having to own a PS3, waiting for Sony's PS1 releases, and paying for them. If you own, say, Final Fantasy Tactics, this should presumably allow you to play the original game on your PSP instead of waiting for The Lion War to come out. Repeat said reasoning with the games you have that still aren't available on the PlayStation Store, and you can see just how much mileage we can get from our games.

Of course, it's still a work in progress, so keep your fingers crossed and cheer Dark_Alex on. Before we go, here's a video of Castlevania: Symphony of the Night (European Version) running on the work-in-progress version 3.02 OE-B... at full speed. Merry Christmas, you lucky, lucky people!