Obviously you need a 1.5 psp.
You need to make sure you have the folder in your psp/game dir named PSPSONE. Run the kploit tool, then copy all the files into the PSPSONE dir. DON'T replace the patched eboot with the old one accidently! Put the boot.bin file in the bios dir and make sure its named right (scph1001.bin) Also remember when loaded that the demo is running very slow right now.
Hope that helps.
Runs fine on my PSP. About half a frame a second, better looking than I expected though, alpha and antialaising seem to work, the screen is offcenter to the left, but it looks good.