A quick update for anyone interested:
I've now established that my PSP cannot play either MP3 audio or MPEG4 movies. After copying movies known to work on an other PSP to my memory card, I'm now sure this is not an issue with the files or the way they were encoded etc.
As I see it, the next thing to try is a different Memory Stick DUO, which I'll do when mate's PSP arrives. (Wireless Lumines battles, can't wait!) After that, the only thing I can think of that might sort it is a flash of the firmware when an update is released?
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