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Metablogging via Gizmodo: The anticipated update of PSP's OS to version 2.0 has been released in Japan and is apparently working on US models as well - but remember, if you update your device, you are doing this at your own risk.

The update can be found on the following page: http://www.playstation.jp/psp/update/ud_03.html or directly downloaded from: http://dj01.psp.update.playstation.org/update/jp/2005_0727_62f6d3d18038f463092e3d6653fae195/EBOOT.PBP

I4U.com has some screenshots that they took from their updated, Japanese version of the device which look quite promising: http://www.i4u.com/article3919.html.

Quoted from i4u:

The EBOOT.PBP files needs to copied to the memory stick under the folder PSP/GAME/UPDATE After that try to access the memory stick from the menu. The PSP is then detecting the update. After confirming a license agreement the update process starts.