Yes, it’s out. official firmware 3.95. For those hoping for some decent PSP improvements or modifications, you may be out of luck this time around. However, if you have a PS3, then maybe it’s your time to rejoice a little bit, as all of the changes only affect PSP to PS3 connectivity. Here is the official changelog:

• While playing PSone games on your PSP, you can now customize how the buttons are assigned by going to [Controller Settings] > [Assign Buttons] and select [Custom].
• You can now quit Remote Play and choose to turn off your PS3 or leave it on after quitting. This is useful if you are performing a download and want to quit Remote Play, but still want your download to continue on the PS3. Select [Quit and Turn Off the PS3 System] or [Quit Without Turning Off the PS3 System] from [Quit Remote Play] when you press the HOME button on the PSP system.
   

To boil this down, buttons are now customizable when playing PSX games on the PSP (via the PS3), and you can leave the PS3 running even after quitting remote play, useful when downloading.

Of course, Sony is notorious for hiding upgrades in firmwares, but this is all we know as of now.

WARNING. If you download and install this, you will not be able to run homebrew without downgrading and installing custom firmware.


Download: Official 3.95 firmware