Next week, Advance Theory plans to release the PSPAdvance software, which appears to be a media player, content download system, and community application all-in-one. It also promises to free users from Sony’s format restrictions, as it supports MPG1, MPG2, MPG4, DivX, Xvid, and MOV formats. Advance Theory has even promised that the full version (the demo only runs on 1.50 and below) will run on firmware version 2.50—albeit with ads
Seems that Joystiq linked to the wrong site (who seem to do anything to get visitors) so heres the correct link --> http://www.pspadvance.com/