CVG has posted the details regarding Sony’s upcoming firmware update to the PSP, which were pulled from the Playstation blog. Version 5.0 will include a sleep timer, access to the PSN Store via your existing PS3 wallet and account info via wi-fi, and a re-make of the XMB.

I think that is all well and good, but the custom firmware development community has been implementing features like sleep timers and more for years. On my PSP, I have the ability to backup and load my games from the memory stick to save wear and tear on the UMD drive. I’ve had access to a limitless supply of custom XMB modifications, the ability to program my own games, processor over-clocking, and battery life saving functions for some time now. The homebrew community has been running rings around what Sony has been doing on the PSP.

Most folks relate “homebrew” with piracy. It’s true that piracy is a problem on the PSP (as it is with any gaming device), but its much deeper than that. Hopefully, Sony will pull a page or two from the homebrew community and really unlock the abilities of the PSP.