PSP Firmware 5.0 Out Now
Posted by x3sphere at October 14, 2008, 11:31 pm

Pick up that portable — PSP firmware 5.0 is now available to download from Network Update. To quickly recap, this update adds the long-awaited direct PSP store, a sleep timer function that can soft shutdown the PSP at specific intervals while playing music, a full screen keyboard option for text entry, and a redesigned default XMB background. Below is the official changelog, quoted verbatim:
* The [PlayStation Network] category has been added, and [PlayStation Store] is now available under this category.
* The sleep timer feature can now be used under [Music]
* The system will automatically change to USB mode when a USB cable is connected.
* The [Original] theme has been redesigned
As usual, we have included a direct link below for those who wish to download and install the system software update manually.
Read more: SCEA Details PS3 Firmware 2.5 And PSP 5.0, PSP Firmware 4.00 Now Available, APPSwitcher for PSP v1.1, Firmware 3.51 M33 Update #5 – Improved NO-UMD Compatibility, PSP Firmware 3.95 Now Available, Features Customizable Controls For PSOne Titles

Quick impressions:
Installed this on my PSP-1000. The new XMB waves are very slick, and can be used as a visualizer. The PS Store works just like it does on PS3 (minus the background downloading). There's a built-in download manager and anything you purchased previously on the PC/PS3 store shows up.
PSOne emulator has been updated, there's a built-in virtual memory card utility that lets you manage save games.