Looks like the PSP Scene is being rocked with some big news, and here it is thanks to PSPUpdates:

"As some 2.71 PSP’s say hello to the world, others will be saying goodbye at the same time as a downgrader has been successfully tested a few moments ago, with a release time of 7:00pm EST today!

For this one occasion, I grant you permission to jump on your computer’s desk; jumping up and down until you have broken your desk. The reason for such a command is that after you have done it you probably won’t care about the desk, as you have just read that a 2.71 downdater (downgrader) has now been made available! Yes, that’s right – all you 2.71 owners (who do not have a TA-082 motherboard) will be able to downgrade your PSP to firmware 1.50.

Using the recently exploited vulnerability in the tiff library, Dark_Alex (with the help of Mathieulh) has managed to create a 2.71 downdater. You are probably wondering how they managed to create this so fast, and the answer is simple. This 2.71 downdater is a port of the 2.50/2.60 downdater that was released slightly over 2 months ago. This new downdater, like the previous one, will not work with TA-082 PSP’s. However, if you do happen to have such a PSP – 0okm has been working on a softdown (no hardware changes required) method, so you are not left in the dust.

The procedure for installing, and successfully downgrading your PSP comprises of several steps in which one must be very careful. Since this downdgrader is a port of the 2.50/2.60 downdater – it functions the exact same way – just without the need for GTA. So, all the installation instructions may seem extremely familiar as they follow some of the exact same procedures as the original downdater. There were several bricked PSP\’s during testing but this latest version appears to be stable, but please remain cautious. As always, please follow the directions exactly as they appear. If you choose to proceed with this downgrader, use it at your own risk as bricking may occur.

If you are anxious to prepare for the downgrader (which you are, of course) check out our previous coverage of the 2.50/2.60 Downgrader as the installation process will most likely be nearly identical.

We will have the download and full details available in just a few short hours, so be sure to stay with QJ.NET and PSPUpdates for all the details! This post will be updated as more info comes streaming in!

Also, as mentioned above, Mathieulh & Dark_Alex did brick several of their PSP\’s during the initial testings. If you feel like donating to their cause, you can do so here. (Also, mad props to Xairu and Birdman for their bravery in testing the downgrader, as well as joshrulez2 who was the first tester – and the first brick!)

1.50 User Instructions

1. Copy the folders downhelper and downhelper% from the folder 1.50 HELPER folder to /PSP/GAME/ in your memstick.
2. Obtain the 1.50 update EBOOT and put it in /PSP/GAME/UPDATE in your memstick. You may find the 1.50 update in our download site here.
3. Initilize the downhelper program.
4. It will dump your flash and some files from the updater eboot to the memstick. (These files are illegal under US copyright laws, so please do not distribute them in the comments or on our forums)
5. After that, the program will exit. You can now delete the updater from /PSP/GAME/UPDATE
6. You\’ll notice that you have a new folder in the root of your memstick called "DOWNDATER". (See diagram on right for arrangement – click to enlarge)
7. That\’s the folder you\’ll have to send to a 2.71 owner to let him downgrade."