The problem with doing such a thing in homebrew is the fact that the DS's ad-hoc protocol has not yet been figured out, so you can't do direct DS-to-DS communication in homebrew.
The closest thing we've got is a single application that attempts to broadcast a *.nds file from the root of your media card to a flashed DS, which stores the program in RAM and then executes it. I was never able to get it to work, personally. It could send its own built-in test file, but it couldn't send the file from my media card.
Even with that demo, it's just a single transfer app, so it's not something like a two-player game where the DSs interact with one another.
HOWEVER, the 802.11b aspect of the DS's wifi has been figured out for quite some time, so as long as an access point is nearby, such DS-to-PSP communication might be possible. In fact, I'd think that would be easier to manage, as the standard Wifi could act as a bridge connecting the two consoles. I'd imagine it would be easier than attempting to make the PSP and DS communicate directly, given that their protocols for local wireless multiplayer are probably fairly different.
Of course, you'd still need someone skilled enough at coding for both consoles to create the same application on both, which could be hard to find.
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