Update: Although not directly related, today WAB have released their WAB PAD Region Swapper utility for the PSP. With it, the user can swap the X and O buttons on the JAP v1.50 PSP only, so in that respect (only the button mapping) it will function as a US PSP.
We received word tonight that Kit has been testing "PSP iSO Launcher v0.8" and has released a sizeable (~45MB) video of it in action. Contrary to the UMD iSO Launch v0.3 utility mentioned previously here, we can't confirm the legitimacy of this new video nor iSO Launcher shown in it... but it appears to be fairly convincing so we decided to post it as a RUMOR for the time being.
According to Kit (a BETA tester), the v0.8 Launcher is from a talented individual (not a group such as WAB, PDX, etc) and thus far he has tested it with Ridge Racers, Hot Shot Golf, Amored Core, and NBA2K5 which all work well. Kit also states the author claims at this time it will run 90% of current PSP games, and that he is shooting for a 100% success rate. Finally, the v0.8 Launcher is said to only work with v1.50 PSP units at the moment (not v1.00), and the author stated he is not sure if he will ever publically release it at this time. For those interested in checking it out, we have a few screen captures from the lengthy video available as follows: Pic #1, Pic #2, Pic #3, and Pic #4. Cool stuff!