Rydian said:It means that you can definitely update it to 5.03 and hack it.
Whether the hack is permanent (not lost when turned off) or temporary (need to re-hack when you turn it on) we can't tell, but you can definitely do a 5.x hack and get proper emulation on it.
Be sure to check out the FAQ and then the softmod sticky when you get the PSP, and enjoy using it.
So I would have to update the firmware to version 5.03 when I got it, and then I could hack it?
It sucks that it is nearly impossible to tell which motherboard a psp uses, without owning it already yourself. This mean that I would have to go out on a limb and just buy this thing without knowing for sure if it is hackable or semi hackable. I'm not really sure if I'm willing to take the risk without knowing for sure.
She said that she would take $50 for the system and the 4 games (which I would sell). What do you think... should I take the risk and buy it?