WOW. Looks like we already got some great progress on a 2.5 exploit. The author, PSPlayer1001, says:

Here is a mirror to the hack progress movie AND an EBOOT to try this hack on your own 2.5 PSP!

"Incuded are 2 movies 1 shows my software as 2.5. And the other shows My psp view the included EBOOT and lock up because the EBOOT contains the overflow.tif from the MPH downgrader. After it locked up I cut the power and rebooted. My psp worked fine after I rebooted it. No downgrade yet from this. but the EBOOT included bypasses the TIF patch because the psp TIF patch does not affect the EBOOT handler."

The movies are legit, I think this guy might be on to something.

ONE MORE video with proof of the exploit in action from a user: PSPgreatness.

HERE is a NEW video with no breaks that shows the hack in progress! (notice the freeze at the end of the movie)

Here is a mirror to the hack progress movie alone (download this to save our bandwidth if you do not have 2.5, although it probably works on 2.0 too)

Here is a mirror to the hack progress movie AND an EBOOT to try this hack on your own 2.5 PSP!

More vids coming as they are taken!

Our own Moderator butterballer360 is the hacker PSPlayer1001!