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Update #2: As of today (7/27/05) PSP Firmware v2.00 (JAP) is officially available for download. However, at this time we do NOT recommend upgrading to v2.00 as you will no longer be able to run PSP homebrew on your v1.00/1.50 units.

Update: IGN has now made available a video of PSP Firmware v2.00 in action depicting a user navigating to a Web site, downloading a file, and then playing it. In addition, it also appears as though the official Portable TV Web site has gone live- cool stuff!

Today jajjdejo let us know in THIS Forum thread about the upcoming White PSP (available September 15, 2005) which includes firmware revision 2.00 (to be released on July 27, 2005). As detailed complete with pictures on Japanese Web site Watch.Impress.co.jp (who also posted a nice update on the upcoming PS3 today), here is a summary of the PSP v2.00 firmware updates:

[Internet]
- Added an Internet browser (can be disabled)

[Video]
- Jump function for UMD VIDEO and MUSIC
- A-B repeat function for UMD Video, MUSIC and memory stick video
- Added 4:3 mode for memory stick video
- Added audio switch function for memory stick video
- Added MP4 (AVC) playback function for memory stick video

[Music]
- With SonicStage V3.2 (not announced yet), ATRAC3 plus music files can be put into a memory stick pro duo
- Added MP4 (AAC) and WAVE (Linear PCM) playback function

[Photo]
- Added wallpaper function
- Transmit/receive images function
- Added support for TIFF/GIF/PNG/BMP files

[Setting]
- Added Korean language
- Added [Character set] function
- Added [Theme setting] function
- Added [Diable internet browser] function
- Added WPA-PSK (TKIP) support
- Added keyboard input mode for Web input