A minor update… A message to foreign readers… It would seem the Illuminati exploit doesn’t work correctly when the PSP is using non-English settings; presumably it’s something to do with the unicode set while displaying the profile name. Set your PSP to English and give it a try.

Anyway, if you are having problems, especially with the European Lumines, then try switching your PSP to ‘English’ settings.

Devastation strikes! The “N00bz!” have yet again left the entire PSP community in a state of awe. Without a doubt, in the coming days, everyone will have the opportunity to downgrade, enjoy glorious custom firmwares, homebrew, and much more… This newly discovered exploit works in a similar fashion to the GTA save game hole; however, this time ’round you’ll require a legal UMD copy of Lumines. Read on…

That’s right – if you’ve got a legal UMD copy of Lumines, then you can run homebrew on your PSP – whatever the firmware version. That includes v3.50! Right now, the only homebrew is the Hello World demo released below – but in future we intend to release a HEN and downgrader.

• Check that you have an EU or US version of Lumines (ULES00043 or ULUS10002).  Currently we don't have a version for the Japanese version, but we're working on it, as soon as we get hold of a Japanese UMD. 
• Extract the contents of the 'MS_ROOT' folder from the ZIP file into the top-level of your memory stick. (HINT: If you wind up with an 'MS_ROOT' folder on the stick, you've done it wrong).
• Start the game, and as soon as it gets to the 'Press START' screen, press START.  If you wait until the demo has started, the exploit may not work.
• The screen should go blank, and the exploit will start after a few moments.  It doesn't do anything except look pretty at this stage – but feel free to enjoy the first homebrew on your v3.10 – v3.50 PSP

Download: The Illuminati Exploit

- source: Noobz