Team Typhoon finally conquered the new PSP, opening it to homebrew, customization and piracy.
This is a demo of the 5.03 firmware running the tiff exploit and booting into a HEN environment on a PSP 2003 (3000 Support also) on 5.03 Official Firmware. This proves that the code survives a reboot and the system software and MAC address can be changed. This is something that only can be done with a kernel exploit. A video launching homebrew will be posted later.
Credits: Homebrew Enabler - (Davee) Team Typhoon
5.03 Tiff Exploit - MaTiAz
Video - Granite
The Community - All your support.
You'll have to wait, though: packaging it up for public consumption is the next step.