SonyXTeam have released a beta downgrader for the firmware 2.0 PSP models PSP-1006 (Hong Kong) and PSP-1007 (Taiwan.) The previous 2.0 to 1.50 downgrader would work on every model of the PSP, except those listed above. There is a catch however, this downgrader is of yet untested and you could risk bricking (permanently damaging) your PSP. The technique is based on a previous method of Yoshihiro, combined with the newer downgrader.

According to their readme, you must have 2 memory sticks, and copy the content into your memory stick accordingly (they are firmware eboots.) You would then put Memory Stick 1 into your PSP and start the update. Once you get past the white screen, and before the screen goes dark you must put the PSP into sleep mode (by flicking the power button up quickly.) Once in sleep mode, put Memory Stick 2 into the PSP and flick the power button again to wake the PSP up. They note that so far this procedure is the only thing tested.

Be warned, by trying this you could brick your PSP because it is an untested method and anything could go wrong, but the way it is supposed to work has been detailed. It would be wise to play it safe and wait for a confirmation that it actually works before risking your expensive PSP investment. If you cannot wait and want to test this, let us know of your results, otherwise, please be patient. The download link is [here].