Updated release from Hellcat:

What is it?
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This adds a new bootmenu to a magic memorystick of the Pandora battery with some new functions and abilities.

Key features:

* Choose to boot firmware from memory stick, internal flash or the original Pandora mainmenu
* Fix flash1:/ (the one holding the settings and config) by formatting it and creating all directories
* Launch an additional application (PSPFiler or such) with working access to the real flash0:/
* Launch custom firmware installer (OE / M33) with working flash0:/ access, so it can install the CFW straight from a Pandora boot without the need to downgrade to 1.50 first, no matter of the current state (and version) of the internal flash.
* Access flash0:/, flash1:/ or memory stick via USB (straight from the menu)


Known issues/bugs
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* The boot from the internal flash doesn't work too well....
If you boot from the internal flash, using the option in the menu, the UMD drive errors out and does not work, programs may fail to load and you might get a lockup after the Sony intro.
However on recent CFWs there are workarounds: In the recovermenu configuration set "Skip Sony Logo" and "Hard reset on homebrew" to "ENABELED", that almost solves anything (UMD works again after first program launch).

Furthermore, due to the IPL, the PSP has been initialized from, this can only boot 1.50, CFWs and a few 2.xx FWs.
Higher (original Sony) firmwares will fail to boot.

There has to be a better way of rebooting the PSP, it just needs to be found.
I am currently using sceSysconResetDevice() to do it. scePower_0442D852() has been reported to be cool, but that's not available on 1.50


Installation
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Just copy the installer EBOOT to /PSP/GAME or /PSP/GAME150 on your memstick, and run it - done :-)

All you need is a plain Pandora Magic Memorystick, no need for an already installed firmware on the stick, the installer takes care of everything.
Just be sure the 1.50 UPDATE.PBP is still in the root directory of the stick if you want to install with full firmware booting from stick.

If you already have a firmware propperly booting from your memstick, or you are upgrading from a previous version of the bootmenu, the installer gives you the option to install without firmware setup, only the required bootmenu files will then be installed.


Usage
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Well, I don't have to explain how to use a menu, do I?
Nevertheless, some usefull info:

* Access to the real flash in general:
If you run a custom app, or a CFW installer, from this menu, after your application (or the installer) has started, wait a few seconds before actually using it and letting it access the flash!
This is because the flash emulation is disabled with a slight delay to give the starting app the chance to load additional modules from the (emulated) firmware before the emulation gets disabled and the app would no longer be able to load modules (since they might no longer be available).

* Custom application to be started with access to the real flash0:/ (and flash1:/ and all the others)
Default path for EBOOT to launch is:
<yourmemstick>:/PSP/GAME/MAINT/EBOOT.PBP
The path can be configured, by pressing O or [] while the option is selected. O will let you choose any program from /PSP/GAME and [] will let you choose from /PSP/GAME150.
This application can then be started with the "Launch app with flash0:/ access" option from the menu.
A few seconds after your app has been started you are then be able to access the flash of your PSP using this program.
Very usefull to perform file operations with tools like PSPFiler from a Pandora boot.

* CFW installer
Default path for EBOOT to launch is:
<yourmemstick>:/PSP/GAME/CFWUPDATE/EBOOT.PBP
The path can be configured, by pressing O or [] while the option is selected. O will let you choose any program from /PSP/GAME and [] will let you choose from /PSP/GAME150.
This menu lets you start a CFW installer (OE or M33 or whatever) also with flash emulation disabled, so the install WORKS.
No need anymore to downgrade to 1.50 first, and then run the CFW installer from there.
Like with the app above, give the PSP a few seconds before starting the installation to let the flash emulation get propperly disabled.

TA-082/086 NOTE:
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TA-082/086 users that never downgraded their PSP before:
You DO NOT NEED to downgrade with the original Pandora function and you DO NOT NEED to patch your idstorage since this will install a 1.50 compatible IPL that also runns fine on TA-082/86! (All credits for this, and I mean 100% all, go to "moonlight" at the PS2DEV forums!!! I only implemented/copied it into my code.)

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