Accessing the flash, now what does that mean for me? Well, not much... just yet anyways. For developers however, the ability to properly access the PSP's hardware on this level is the required base for developments such as a downgrader, and possibly a new custom firmware with handy modules.
It's been quite an exciting time here recently for our PSP fans. We've seen some incredible breakthroughs that were strongly debunked previously; emulating Sony's new barrage of Firmware Updates (right out of the box), new custom firmware such as Dark Alex's 3.02 OE-A, and the la-*test*-('") version of Devhook. From the looks of things, it would appear most current PSP Gamers will be sitting pretty for the holidays. While the awesome PSP Dev community gets another Xmas present which could be the first hack welcoming in the new "post-Xmas" PSP gamers.
2.80, that means ur in luck and a downgrader is going to come out soon.