1.50 to custom firmware help

Ok i have a psp that is currently running 1.50, but i would like to know the advantages of upgrading to a custom firmware will i be able to do all the things a 1.50 user would even the naughty evil things (ya know what im talking about) also is it true you can play psp games at full speed on a custom firmware ?

if you could post the link to the files that i will need to do this that would be great.

Thanks

Dan

my bad, i posted something rong.

3.03 OE does everything a 1.50 can and plays all the homebrew
3.03 OE can play PSX games.
if you brick your psp, u can revive it through recovery