Hoax.
It would take him quite awhile to do the post-editing, with all the cuts, inserting text, etc. At least 10+ minutes, quick estimate. That means that the text was added after the video shot. Which means that he knew that, when writing that he'd show you the hidden files, that the video doesn't show it. Which means he never intended to show you.
I'd also like to point out one interesting fact: he never, ever shows his left thumb until after the PSP locks up. Which means that you can't confirm that he's actually moving the menus around. All you know is that he's pressing the face buttons. You see it from the side of the screen, but you cannot see the directional pad. o_O A tad strange.
However, no obvious cuts, no reason to believe that what's happening on the PSP isn't true. Alas, it is a hoax in one way or another. Either the author never intended to tell you, or there's nothing to be told.
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