HOWTO: 3.90m33-2 with 1.50 add-on
What you need:
Homebrew enabled PSP 3.52 M33-3 or higher
The installer: http://exophase.com/files/psp/390m33_2.rar
An internet connection (easy)(longer upgrade time)
A 3.90 Official FW file (harder)(Shorter upgrade time)
patience ;)
Put the 3.90m33-2 Updater in the folder:
Ms0:/PSP/GAME/UPDATE
Next Run the program and connect to the internet.
The rest it will do for you.
For the harder install:
Put the 3.90m33-2 Updater in the folder:
Ms0:/PSP/GAME/UPDATE
Put the 3.90 Official FW upgrade in the folder:
Ms0:/PSP/GAME/UPDATE
Rename that file to: 390.PBP