3.03 downgrader released [Update 1]

Finally, you can downgrade your 3.03 PSP to homebrew-friendly 1.50. You will need the following:

• Unpatched GTA: Liberty City Stories
• 1.50 firmware
• 3.03 firmware
• 3.03 downgrader

You can find more info at Noobz. Remember: you are downgrading at your own risk, and no one can be held responsible if you brick your system. Take precaution. Once you downgrade, you can always upgrade to one of Dark_Alex's custom firmware options.

[Thanks, Ben!]

[Update 1: Check out this incredible guide at the PlayStation forums to help you every step of the way.]