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This may be late, but some of you may be in luck.

NOTE: BEFORE YOU DO ANY OF THIS, THIS TOUCHES YOUR FLASH(0,1,2,3) SO THERE IS A CHANCE IT MAY BRICK. I AM NOT RESPONSIBLE FOR ANY BRICKS.

NOTE: THIS FORMATS YOUR SETTINGS, NOT DATA, BUT MAKE A BACKUP OF FILES JUST INCASE.

Requirements:
Memory stick with 256MB or more
PSP-1000/2000 (3000 will not work because of motherboard, neither will some 2003 psps)
5.03 GEN-C CFW or 5.50 GEN-D(1,2,3) This may work on higher firmwares but not sure.
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This is quite an easy thing to do, lets start.

Step 1 - Download the files required.

Step 2 - Connect your psp to your PC using a USB.

Step 3 - Make a new file called kd on the root of your memory stick and also make sure you have ms0:/PSP/GAME/RECOVERY (included in rflash160)

Step 4 - Open rflash160, click the file rflash160 and you should get 3 files. FW1.50, RECOVERY, PANDORA NOTE: 1.50FW is not needed, unless you want to downgrade when you reach M33

Step 5 - Now open up the pandora file and stick resurrection.prx and rflash.elf into the directory ms0:/kd

Step 6 - Now get the RECOVERY FILE and put the whole file into the directory ms0:/PSP/GAME and also put 500.PBP in the RECOVERY FILE and then you should be ready to go.

Step 7 - Now what you need to do is go to recovery menu, if you don't know how to and you have the CFW press select and go to Recovery Menu and click RUN FROM ms0:/PSP/GAME/RECOVERY/EBOOT.PBP

Step 8 - Now you should get loading... about twice, and then you should get a menu 'Hellcats Recovery Flasher'. Now what you do is you click what firmware you want it to go to, we'll be using 500.PBP so click on Install Firmware, second option down

Step 9 - You will be prompted with a warning, pick the one that says continue (extra stuff here)

Step 10 - Wait for the process to be done then you should be prompted with 'Press Any button to shutdown' then it will take a while to shut down, that means its worked.

Step 11 - Reboot the psp, might take extra time to load up too, but then you can go to System Settings, System Information and it should say 5.00 M33-6

Step 12 - Enjoy!

that is awesome