What I know of so far is I would go for:
-The looks of the psp you are going to buy (condition wise). If you are planning to buy one on Ebay or online that is custom firmware/used, you are going to have to accept the fact that it may have minor scratches on there. Most of the sellers that mention the scratches and say how bad it is are the ones to get the used ones from.
-I think Phat has a better reputation with firmware/compatiblity in apps/game wise than the slim.
-Do alot of research on firmware 1.0 all the way to 3.90 m33-3....Buy a 3.90 m33-3 because then you can skip the dangerous areas like having to downgrade to 2.0 then 1.5 and then go step by step to reach 3.90 m33 custom firmware. You still want to learn about these different kind of firmwares and the meaning behind semi/full "bricking"...otherwise you are stuck and when you downgrade or try recovering, you'll even have more questions to ask than what you previously had.
AVOID FIRMWARE THAT IS OFFICIAL SONY, ALWAYS GO FOR CUSTOM FIRMWARE NO MATTER IF THE OFFICIAL IS HIGHER IN NUM WISE (example: 3.95 official compared to 3.90 m33-3...3.90 m33-3 is the way to go! :P)
*NOTE: CF, CTFW, CFW are different abreviations that people use in descriptions for Custom Firmware :P
-Anything else, I really cant explain...custom firmware allows you to do so much more, it is rediculous. :P You'll start feeling sorry for the people who have official firmware :P.
*Keep in mind though that when new firmware comes out from Dark Alex, make sure you give it time for others to say if it has alot of bugs in it or whatever. Plus, if you keep upgrading custom firmware to the next custom level, make sure you are careful and dont mess up in directions that could result in a brick. :P
*If you buy a custom psp, buy a pandora battery and a magic memory stick too for safety reasons.
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