PSP Update 5 (Playstation Portable Update 5.01)
PSP Update 5.00 — A new update is coming for the Playstation Portable (PSP). So what does PSP Update 5 do for me? I guess, you are asking that question now. I know I did when I first heard of the update. The answer to that question is below.

What does PSP Update 5 and 5.01 do?
“PSP firmware update 5 added direct access to the PlayStation Store, and we’ve since found an issue related to larger-capacity Memory Stick PRO Duos, which we’ll be addressing with a new update (5.01). When downloading content from the Store to a PSP with an 8 GB or 16 GB Memory Stick Duo media inserted, you may see a message indicating that the media does not have enough free space, even when sufficient space exists. Update 5.01 resolves this issue and will be coming soon”
I hope this helps, everyone should get the PSP Firmware Update 5 now.
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Wait, I have a question, does the older versions of the PSP support 16GB? 4.01 to be exact.