Well, both really...You can play homebrew on a 2.00 PSP using Fanjitas Eboot Loader, and there is also a 2.00 to 1.50 Downgrader available.
I frequently use the Eboot Loader but I've personally never tried the downgrader, an unofficial firmware adjuster doesn't appeal to me or my £200 PSP...but I'm know many people on these forums have successfully downgraded, and if you're lucky they may enlighten you with their experiances!
Cheers,
Fox
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