Update #2: Humma Kavula has released his first update today, namely PSP Fastloader v0.5d. Changes include increased .iSO compatability, the HOME button fixed, the DEBUG button removed, and finally support for both v1.00 and v1.50 PSP firmware. Interestingly, Rockman Dash 2 (which previously required v1.52 firmware to play) now plays with v0.5d! Please post all other related feedback in our on-going official PSP Fastloader Compatability List and enjoy!
NOTE: It appears the v1.00 firmware support may not be complete yet as we've received reports already that with v0.5d the .iSO won't load, and if you remove the UMD from the drive it still says initializing... more to come.
Update: After initial examination, we found that if you launch the PSP Fastloader v0.5 on your PSP, and then connect your USB cable to the PSP (and your PC) pressing the PSP's triangle button to toggle the USB setting, you can view the Memory Stick contents while still loading/playing games. With that being said, RUMOR has it there may also be a way to connect to your PC's HDD and store your PSP images there... possibly eliminating the need for a large (and expensive) PSP Memory Stick among a few other cool possibilities we've heard.
Today Humma Kavula has shared with our community PSP Fastloader v0.5! This is the World's first public PSP utility that allows you to launch many (not all) PSP .iSO format images from your Memory Stick using a v1.50 firmware PSP.
We will update this NEWS post again shortly with additional details and our on-going official PSP Fastloader Compatability List, but prior to posting this we did give it a quick run by dropping Smart_Bomb_USA_PSP-Dynarox.iso (no patching necessary) on a MS and confirming it does load and play with full sound. Prior to launching PSP Fastloader v0.5 you should remove your UMD from the drive, and once it loads to the .iSO selection screen and you select one to play it will ask you to re-insert ANY UMD disc and then continue to load the game!
NOTE: We have already noticed one tiny bug in this version end-users should be aware of... when you QUIT a game via the HOME button you will see "Please Wait..." on the screen, but instead of returning to the PSP main menu the PSP shuts down. Hopefully this issue will be sorted in an upcoming release, but for now to get back to the Loader .iSO selection menu from in-game simply press L Trigger + R Trigger + START, or if you wish to get back to the PSP main menu from in-game press L Trigger + R Trigger + HOME.