Fanjita has done it again! He has managed to bring SNES emulation to 2.01+ firmware PSP's, but unfortunately it is not available for release yet. Here is what the man himself had to say about this:

We finally made a more solid breakthrough with the EBOOT loader for GTA tonight. Not only does the menu now work properly, but I've also managed to run the uo_SNES9x emulator, and play the Pilotwings ROM (the only one I have), on both v2.0 and v2.5.

At the moment everything is hanging together with a pretty nasty hack. Ideally I'd like to get that fixed up before release, but it's more likely that we'll decide to release things as they currently are, and iron out that issue later.

Please note that lots of basic homebrew is still not working, but I thought that getting SNES emulation running was a big enough milestone to celebrate! Also, if we do decide to release, it will take a few days to knock the code into a releasable format.

Congradulations to Fanjita and his team once again!

Source: http://fanjita.org/content/home.html#240106