Nicer now with directory browsing and an animated background. I'll make a recording of how it runs and how it handles various filetypes and stick it on youtube for you to embed (as soon a RJL decides to finish compressing the thing).
EDIT: RJL's video recording process wasn't playing nice so I just fired up FRAPS.
[youtube]http://www.youtube.com/watch?v=H_wd9zm5DB8[/youtube]
The video shows some volume changes and seeking backwards and forwards. I forgot to show off the ability to change font size, but it doesn't change the layout anyways.
When playing certain audio files and bringing up the menu, you'll notice flickering in the video. This is NOT displayed on the PSP itself, but is a by-product of the recording process, due to the PSP's higher CPU use when playing certain audio formats (the video output plugin gets a little choked, I'd think).
(I like how the background circles move according to how the menus move. X3)
Still limited, but it's obvious that this is going to become nicer and nicer, as some major features have been slowly appearing.