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I was talking to Smurff about this not too long ago and he asked me the same thing: Why upgrade? Well, here's what I told him:
You can play PSone games! That's all I upgraded for.
1.50: Homebrew, Isos, UMD games.
3.03 OE-B: Homebrew, Isos, UMD games, PSone games, Visual effects when listening to mp3s, option to use screenshot mod to take screenshots of PSone games and some PSP games, there isn't an Iso/UMD you can't play! It's the latest FW! DevHook is a nasty 25MB or so in the ms0 and runs a bit laggy. 3.03 OE runs very fast b/c it's from flash, you can downgrade it back to 1.50 anytime you want to.
I lost a virgin 1.50 PSP to this. A WHITE one, mind you, and have never thought about going back.
The PSone emulator runs EBOOTS like homebrew, but they're anywhere from 300 to 500MB. Sony has released some EBOOT games, but you can make your own now, thanks to Dark_AleX. (That means you don't have to wait for Sony to pick and choose for you.) 99% of all PSone games are playable. (3.03 OE-B supports compression, too! Just like Iso->Cso.) That means you can think back to the days of PSone, find your fav game and play it on your PSP!!! That's reason enough.
Think about it:
Final Fantasy VII, VIII, IX
THPS (1,2,3,4)
MediEvil
RidgeRacer
Silent Hill
Resident Evil 1,2,3,Survivor, Code Veronica
Gran Turismo 1,2 (Yes!! We finally have our beloved Gran Turismo on PSP! Not the one we were promised, but it feels DAMN good to play Gran Turismo on PSP.) :p
Myst
Riven
Driver 2 (Driver 1 doesn't work that well.)
All those PSone games on the go!!! You can only brick your PSP if you're a complete moron. The devs only throw that in there so you can't flame them if you brick your PSP using their product. There's really almost no chance in bricking if you've worked w/ flash before. If you haven't, it's still really hard to screw up.
guano says: Try it! You'll like it! *Two thumbs up*
(+[O_O]::)
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