The extra stuff you will be getting is more than likely illegal (unless someone writes there own game/application and are making it freely available to all OR you already own the game).
I'm not sure about this one but I think that by downgrading you are breaking your warranty therefore should your PSP break you will have to buy a new one.
Its a matter off opinion, weezer values running Homebrew software as the main functionailty of his PSP **EDIT: Sorry weezer didn't realise you had already updated** whereas I would rather buy the latest games and play those. Just thought I'd give you the other side of the story.....
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