can sum1 please explain to me wot this does i have fw 2.71 does it alow me to downgrade or wot ive been on the website and i dont understand. thanks for all i always receive btw

I believe it has it's own firmware that bypasses the main firmware module. It looks incredibly risky to install though, it has you scrape a ton of soldering off of the mobo to break the connection to the main firmware and solder points in for the chip. I wouldn't even attept it unless you've taken an electronics course.

i agree. im also really tempted to get it but i dont want to risk messing up my psp

What the modchip does basically is allow you to have two firmwares. One on the modchip, and one from the original PSP. Since your PSP is already 2.71, you can set the modchip firmware to whatever you want, 1.5, 2.0, etc. The Modchip can be flashed over and over again and even if you brick it, it can be unbricked using the program that Undiluted Platinum has. I wouldn't recommend that you install it yourself though . . . it's incredibly difficult and tedious to install if you don't know what your doing.

im planning on one and getting it installed by a pro