It's pretty damn sweet. I'm playing Suikoden right now and I just finished Spyro the Dragon. Kinda solves the problem of the PSP not having enough good games to play.
Is it easy to do?
Well I did it and I'm pretty lame.
Actually it is fairly complicated. I had to first upgrade to the correct firmware that let me then downgrade to firmware 1.5 (risking bricking my PSP the whole time). Once I was at firmware 1.5 I had to install a custom firmware made by some guy named Dark AleX who is probably 12 years old. Once that worked then I had to "acquire" a copy of the PS3 downloaded PS1 game Hot Shots 2 (fortunately I own Hot Shots 2 so I didn't feel guilty about it) and use it, along with an ISO of my own copy of Suikoden to make a bootable PS1 game that I then copied to my PSP.
The good news is once I went through all that crap I'm in good shape to basically play any PS1 game on my PSP. I even figured out this past week how to manage taking screenshots while I'm playing (see below for an actual screenshot of Suikoden 1 from my PSP).
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