Miemt11 has released a new Video Conversion program for the PSP, heres whats posted:
PSPDOTmp4 is simply Video Encoder 2005
Feature the fastest AVI to PSP compatible MP4 converter (Support PSP FW 1.00 onward) A 60 sec avi video only need 24 sec to complete encode (System: P4 2GHz or Athlon XP 2000+)
Latest Version 0.1
Version 0.1 Build at NOV 14 2005
1: File select from any directory
2: Save to any directory
3: Bitrate option
4: Screen size 320x240 or 368x208
5: FPS option
6: With THM output
7: Output as MPEG-4 SP