When the PSP will gracefully reach Europe on the 1st of September, it will be using the latest 2.0 Firmware. Quoted here:
"European consumers who have waited for the PSP are being rewarded for their patience, because the latest models will incorporate Sony's recently-announced 2.0 firmware upgrade. This addition adds a Web browser, the ability to transfer digital still photos between PSPs through a wireless connection, support for more image formats (TIFF, BMP, GIF, PNG) and support for two additional music audio formats, WAV and AAC. Also, the new PSPs will allow video downloading in the MPEG4 AVC format, providing a platform for Web-based vendors to offer TV shows and other content."
So I hope that clears up any further posts on this topic. And for the questions regarding whether the PAL PSPs will play homebrew/iso's is atm unlikely, unless someone releases a homebrew loader/iso's for the 2.0 firmware. Atm, there hasnt been one for the 1.52, let alone the 2.0, so keep your fingers crossed.