The minis program is also fairly limited. You can't develop network or online features for it (goodbye multiplayer), it doesn't support DLC, and you can't use it to work with peripherals. Developers will also have to have their game approved by the ESRB, which costs money. You can also release your titles in all three territories, but you need to sign agreements with each territory (North America, Japan, Europe) in order to do so.
Sony is definitely taking an iPhone App Store approach to this process, and Cooney himself dropped the iPhone name a few times. We're wondering if they've considered that there are over 20k games now on the App Store, and if they've prepared themselves for the onslaught and how they'll be devoting a lot of time to minis approvals. So, look for PSPFart to be available for download sometime soon.