I will declare this the second-best hack to come out of the PSP. First of which being emulators, of course. Massa84 over at PSP Updates has devised a way to turn the PSP into a universal remote. It does it by emulating lirc and the 1800+ remotes supported by lirc. Unfortunately, this hack only works with PSP firmware version 1.50. This could also provide some good hijinks in public. Good work, hax0rs.
PSP Universal Remote [PSP Updates]