Not that anyone should take this as any encouragement (you do this at your own risk!), but it worked for my PSP, it was a UK 1003k model with 2.6 firmware, I got it 2nd hand but I assume it came with 2.5 and was upgraded. Anyway, after a worrying 2 minute wait watching the memory card light blink it rebooted as a 1.5! I've been testing assorted emulators (Sam and Max on the PSP, woo!) and setting up devhook for the past hour. I need another memory card now, this one's full!
The main points I've picked up about downgrading so far are:
Start with a formatted memory card and reset the PSP to defaults.
Don't use the 32mb card, it's probably not big enough as the program generates log files.
Make sure it's plugged into the mains in case the battery dies.
Make sure you've not got a TA-082 model of PSP (as explained here)
Otherwise it seems fairly stable, I read somewhere they may bring out a new version tomorrow with AC power check and stop the log file generation, then call it a final.
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..I'll just wait a little longer...Let all the rich kids do the beta testing first.. 
)
..No problem m8 i wouldn't use a beta anyway.
