Well, I am thinking of getting myself a cheap psp off of ebay and I am curious if anyone here has modded theirs, or hacked it or whatever term you want to use. I want to know if it is easy and what exactly you can do with it?
120 USD isnt a bad price, but when you buy them ask the shopkeeper to mod it for you, because there is a huge chance to brick your PSP, if you do mod it your self, so ask them and let them take the trouble.
I have modded my psp and it works fine, you just have to be sure that the firmware you are using supports the modification or you will seriously damage your PSP.
I got my PSP for free from a site called Goodies4Free.net had to refer friends to the site to get it but it was only 6 friends and they were happy to do it.