You can run homebrew and 'backups' on a PSP with firmware 1.50 or 1.0. Currently all PSPs sold in the UK come with at least version 2.0. Fortunately it's quite easy to downgrade your firmware from 2.0 to 1.5 and there's a wealth of emulators and utilites out there that you can run. If you got a firmware higher than 2.0 then you're buggered for the moment but someone will figure out a work around soon.