As reported earlier today, PlayStation Portable Firmware Update v5.01 is now available for download.
Download: PSP Firmware Update 5.01 (US) / PSP Firmware Update 5.01 (EU)
To recap on the changes: We’ve since found an issue related to larger-capacity Memory Stick PRO Duos, which is addressed with update v5.01.
When downloading content from the Store to a PSP with an 8 GB or 16 GB Memory Stick Duo media inserted, you may see a message indicating that the media does not have enough free space, even when sufficient space exists. Update 5.01 resolves this issue. More PlayStation 3 News...