SanDisk V-Mate Video Memory Card Recorder
Incase some of you are unaware or off track of the vice via San Disk Developement, The SanDisk V-Mate Video Memory Card Recorder allows one to record their favorite video programming onto a Memory Stick memory card in a format which offers the ability to view that video on a PSP.
It even lets you use GUI to access through the menu's! How cool is that!!!
You can read more about it at PSP World.