I eagerly await the impending firmware exploits for Killzone, Tomb Raider: Legend, Splinter Cell, Madden NFL 07, and games from all other PSP licensees who have paid their "exploit" certification fee.
I thought exactly the same thing.
Maybe I'm just jaded.
I also would hate to actually have to load a game to be able to load my homebrew apps (and i do agree with you that the emulators have a hell of a lot of work to do before they can be considered usable).
That's ok though, there hasn't been any actual psp software since the release titles that have interested me in the slightest, so my firmware is not changing for anything.
It worked with PSO on the Gamecube.
Well, maybe. People might have just been buing used copies of PSO.