I'm gonna get my psp on sep 1st but it being european and all I can't play any emulators and homebrew games. I can't import one because sony is stopping that. Will the firmware be cracked or is half the world stuck

Only time will tell.. you cant just say "go crack the firmware". It may not get cracked because well... theres only so many holes that Sony can put plugs in, the 1.0 and 1.5 exploits may have been the only ones that exist. The chances are there are a few that will be found and are probably insanely stupidly hard to find - hopefully there is.

If theres a modchip released thats reasonably cheap ill probably end up getting that, probably best to have the latest firmware and still play homebrew

The chances are it will take awhile for it to happen, firstly people who do hack and crack these things are the ones who already have a 1.0 or 1.5. Knowing this already it means that if they were to try to hack and crack a newer firmware without risking their current PSP into no homebrew doom, they would need a 2.0 PSP to work with. Not every hacker and cracker would have the cash to fork out and mess with the PSP. So it limits the amount of people willing to try.

You will then understand there is probably a very low percentage working on getting through the 2.0 firmware, which is why it isn't going very fast. Maybe out of the people who obtain 2.0 PSP's there will be a small group that emerges to crack it?