A new 5.03 update for the PSP firmware is coming soon. What’s in it? Eric Lempel // Director, PlayStation Network Operations only stated that it "is a small update that improves system software stability during use of some features."

Find out what features are contained in PSP system software version 5.03.

An update to the PSP system software was released on January 20, 2009. If you update your PSP system, the system software version will be 5.03 and the following features will be updated.

Security

• System software stability during use of some features has been improved.

Note:

• This system software update includes all features contained in previous versions.
• The new system software will preserve any settings previously made to the PSP (such as the Parental Control level).
• Depending on the software title, you may not be able to play without first updating the PSP system software.
• Do not perform updates using any data other than the official update data provided by Sony Computer Entertainment over a network or on disc media, and do not perform updates by methods other than those described in the product documentation or in this site. If an update is performed using data from another source, by another method, or with a PSP system that has been altered or modified in any way, the PSP system may not operate properly and may not be able to install the official update data. Any of these actions may void the PSP system warranty and affect your ability to obtain warranty services and repair services from Sony Computer Entertainment.

Having a look at my PSP after the update finds...nothing much. At least it was only about 26MB and was quick to download and install.