paul4990 has announced his progress on a new project of his, titled PSPIDE. The project's goal is to produce an interface that permits the PSP and a hard drive to communicate with each other, therefore allowing the PSP to utilize a hard drive as a storage medium.
The developer stats that a WiFi card is used to transmit debug packets to his PC, and a USB connection is used to allow communication from the hard drive to the ms0 and ms1, however, doesn't state how the IDE actually communicates with the PSP just yet.
Furthermore, he claims that a public BETA is soon to be released. Could this just be yet another prank in the scene, or is his work truly golden? Whatever the case, this news definitely seems to be interesting, hopefully future updates will unfold with more information on the project.